Latest news with #2030Notes
Business Wire
5 days ago
- Business
- Business Wire
Omega Announces Pricing of Its $600,000,000 Senior Notes Offering
HUNT VALLEY, Md.--(BUSINESS WIRE)--Omega Healthcare Investors, Inc. (NYSE: OHI) ('Omega') today announced that it priced an underwritten public offering of $600,000,000 aggregate principal amount of 5.200% Senior Notes due 2030 (the '2030 Notes'). The settlement of this offering is expected to occur on June 20, 2025, subject to customary closing conditions. Omega intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, repayment of existing indebtedness and future acquisition or investment opportunities in healthcare-related real estate properties and to pay certain fees and expenses related to the Offering. The 2030 Notes are guaranteed by Omega's subsidiary, OHI Healthcare Properties Limited Partnership, and will be guaranteed by Omega's existing and future subsidiaries that guarantee unsecured indebtedness for money borrowed of Omega in a principal amount at least equal to $100 million. Wells Fargo Securities, LLC, BofA Securities, Inc., Credit Agricole Securities (USA) Inc. and J.P. Morgan Securities LLC are acting as active joint book-running managers for the offering of the 2030 Notes. The 2030 Notes will mature on July 1, 2030, have an issue price to the public of 99.118% and feature a fixed-rate coupon of 5.200% per annum, payable semiannually on January 1 and July 1 of each year, beginning January 1, 2026. The offering is being conducted by means of a prospectus supplement filed as part of a shelf registration statement on Form S-3 (Registration No. 333-282376) previously filed with the Securities and Exchange Commission (the 'SEC'). A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering of the Notes can be obtained from: Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by email at wfscustomerservice@ or by calling (800) 645-3751; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at Credit Agricole Securities (USA) Inc., 1301 Avenue of the Americas, 8th Floor, New York, New York 10019, Attention: Debt Capital Markets, or by email at DCMNewYork@ or by calling +1 (866) 807-6030; J.P. Morgan Securities LLC, 383 Madison Ave., New York, NY 10179, Attention: Investment Grade Syndicate Desk, or by calling (212) 834 4533. Potential investors should read the prospectus supplement and accompanying prospectus, the registration statement and the other documents that Omega has filed with the SEC in connection with the offering of the Notes. A copy of the prospectus supplement and accompanying prospectus may also be obtained without charge by visiting the SEC's website at This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Omega is a real estate investment trust ('REIT') that invests in the long-term healthcare industry, primarily in skilled nursing ('SNFs') and assisted living facilities ('ALFs'). Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the United States, as well as in the United Kingdom. More information on Omega is available at Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities laws. All statements regarding Omega's or its tenants', operators', borrowers' or managers' expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as 'anticipate,' 'if,' 'believe,' 'plan,' 'estimate,' 'expect,' 'intend,' 'may,' 'could,' 'should,' 'will' and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega's expectations. Omega's actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega's properties, including those relating to reimbursement by third-party payors, regulatory matters, occupancy levels and quality of care, including the management of infectious diseases; (ii) the timing of our operators' recovery from staffing shortages, increased costs and decreased occupancy resulting from inflation and the long-term impacts of the Novel coronavirus ('COVID-19') pandemic and the sufficiency of previous government support and current reimbursement rates to offset such costs and the conditions related thereto; (iii) additional regulatory and other changes in the healthcare sector, including potential changes to Medicaid or Medicare reimbursements, state regulatory initiatives or minimum staffing requirements for skilled nursing facilities ('SNFs') that may further exacerbate labor and occupancy challenges for Omega's operators; (iv) the ability of any of Omega's operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega's mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations, and other costs and uncertainties associated with operator bankruptcies; (v) changes in tax laws and regulations affecting real estate investment trusts ('REITs'), including as the result of any policy changes driven by the current focus on capital providers to the healthcare industry; (vi) Omega's ability to re-lease, otherwise transition or sell underperforming assets or assets held for sale on a timely basis and on terms that allow Omega to realize the carrying value of these assets or to redeploy the proceeds therefrom on favorable terms, including due to the potential impact of changes in the SNF and assisted living facility ('ALF') markets or local real estate conditions; (vii) the availability and cost of capital to Omega; (viii) changes in Omega's credit ratings and the ratings of its debt securities; (ix) competition in the financing of healthcare facilities; (x) competition in the long-term healthcare industry and shifts in the perception of various types of long-term care facilities, including SNFs and ALFs; (xi) changes in the financial position of Omega's operators; (xii) the effect of economic, regulatory and market conditions generally, and particularly in the healthcare industry and in jurisdictions where we conduct business, including the U.K.; (xiii) changes in interest rates and the impacts of inflation and changes in global tariffs; (xiv) the timing, amount and yield of any additional investments; (xv) Omega's ability to maintain its status as a REIT; (xvi) the effect of other factors affecting our business or the businesses of Omega's operators that are beyond Omega's or operators' control, including natural disasters, public health crises or pandemics, cyber threats and governmental action, particularly in the healthcare industry, and (xvii) other factors identified in Omega's filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega's future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements. We caution you that the foregoing list of important factors may not contain all the material factors that are important to you. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Yahoo
19-05-2025
- Business
- Yahoo
Opendoor Announces Closing of Convertible Notes Exchange and New Convertible Notes Issuance
SAN FRANCISCO, May 19, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN) (the 'Company'), a leading e-commerce platform for residential real estate transactions, today announced the completion of its negotiated exchange and subscription agreements (the 'Exchange and Subscription Agreements') with certain holders of the Company's 0.25% Convertible Senior Notes due 2026 (the '2026 Notes') and new investors, pursuant to which the Company issued $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the '2030 Notes') consisting of (a) approximately $245.8 million principal amount of 2030 Notes issued in exchange for approximately $245.8 million principal amount of 2026 Notes (the 'Exchange Transactions'), and (b) approximately $79.2 million principal amount of 2030 Notes for cash (the 'Subscription Transactions' and, together with the Exchange Transactions, the 'Transactions'), in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the 'Securities Act'), and the rules and regulations thereunder. 'We are pleased to have achieved several key objectives for the Company and our stockholders through this transaction,' said Selim Freiha, CFO of Opendoor. 'We successfully exchanged the majority of our outstanding 2026 Notes for 2030 Notes and opportunistically added $75.3 million in cash to our balance sheet—reflecting strong support from our investors. These steps position us to stay focused on our mission to reinvent the U.S. residential real estate industry—making it simpler, more convenient, and more customer-centric.' The 2030 Notes are senior, unsecured obligations of the Company and accrue interest at a rate of 7.000% per annum. The Company expects that the gross proceeds from the Subscription Transactions will be approximately $75.3 million, excluding offering fees and transaction expenses, and intends to use the net proceeds for general corporate purposes. The 2030 Notes will mature on May 15, 2030, unless earlier converted, redeemed or repurchased. Before November 15, 2029, the 2030 Notes are convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and on such day and thereafter, at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the 2030 Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 2030 Notes being converted based on the applicable conversion rate. The 2030 Notes have an initial conversion rate of 637.1050 shares of common stock per $1,000 principal amount of 2030 Notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $1.57 per share. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company's common stock on May 8, 2025. Holders of the 2030 Notes have the right to require the Company to repurchase for cash all or a portion of their 2030 Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the indenture relating to the 2030 Notes). The Company is also required to increase the conversion rate for holders who convert their 2030 Notes in connection with certain fundamental changes or a redemption notice, as the case may be, prior to the maturity date. The 2030 Notes are redeemable, in whole or in part (subject to certain limitations), for cash at the Company's option at any time, and from time to time, on or after May 22, 2028, but only if the last reported sale price per share of the common stock exceeds 130% of the conversion price then in effect for a specified period of time. Unless the Company has previously called all outstanding 2030 Notes for redemption, holders of the 2030 Notes may require the Company to repurchase their 2030 Notes on May 15, 2028, at a cash repurchase price equal to the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. J. Wood Capital Advisors LLC served as advisor to the Company in the Transactions. For additional information regarding the terms of the Transactions, please see the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 19, 2025. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life's progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding future financial results including driving toward sustainable positive cash flow; the future health and status of the Company's financial condition; and its business strategy and mission. These forward-looking statements generally are identified by the words 'anticipate', 'believe', 'contemplate', 'continue', 'could', 'estimate', 'expect', 'forecast', 'future', 'guidance', 'intend', 'may', 'might', 'opportunity', 'outlook', 'plan', 'possible', 'potential', 'predict', 'project', 'should', 'strategy', 'strive', 'target', 'vision', 'will', or 'would', any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: risks associated with the Company's indebtedness and capital structure; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for the Company's products and services, lower the Company's profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company's financial condition and results of operations; the Company's ability to access sources of capital, including debt financing and securitization funding to finance its real estate inventories and other sources of capital to finance operations and growth. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption 'Risk Factors' in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. Contact Information Investors:investors@ Media:press@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
10-05-2025
- Business
- Business Wire
GeoPark Reports First Quarter 2025 Results
BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited ('GeoPark' or the 'Company') (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended March 31, 2025 ('First Quarter' or '1Q2025'). A conference call to discuss these financial results will be held on May 8, 2025, at 10:00 am (Eastern Daylight Time). GeoPark's profitable, dependable, and sustainable platform continued to deliver in 1Q2025, driven by the focused execution of its 2025 Work Program and the consistent application of disciplined capital allocation. Solid operational results across core operated and non-operated assets enabled GeoPark to exceed its pro forma production guidance of 35,000 boepd, while maintaining a competitive cost structure and advancing key strategic initiatives. The Company's commitment to portfolio resilience, capital efficiency, and operational excellence has allowed it to navigate lower Brent prices and heightened market volatility, while maintaining the flexibility to pursue value-accretive growth opportunities. Operational figures include estimated pro forma production from the Mata Mora Norte Block (GeoPark non-operated, 45% WI) and Confluencia Norte Block (GeoPark non-operated, 50% WI) both in Vaca Muerta, Argentina. The Company's 1Q2025 financial results do not include the consolidation of production, revenues, or costs related to these assets, which remain subject to the completion of regulatory approvals by the relevant provincial authorities. We continue to work diligently to advance the approval process. FIRST QUARTER 2025 FINANCIAL SUMMARY In 1Q2025 GeoPark reported Adjusted EBITDA 1 of $87.9 million (64% Adj. EBITDA margin), a 13% increase compared to 4Q2024, mainly driven by strong cost discipline and higher realization prices that offset the lower production when excluding Vaca Muerta. Operating costs per produced barrel of oil equivalent (boe) decreased to $12.3 in 1Q2025 from $14.5 in 4Q2024, within the range set for 2025 ($12-14 per boe). As part of its ongoing efforts to enhance competitiveness and profitability, the Company launched a comprehensive efficiency program aimed at generating $5–7 million in annual savings. The program focuses on optimizing expenditures, improving asset returns, and streamlining the corporate structure. To date, 90% of the targeted savings have already been achieved, with additional initiatives underway to fully reach the program's objectives. Net profit for the quarter amounted to $13.1 million, compared to $15.3 million in 4Q2024, mainly due to one-off costs related to the partial repurchase of the 2027 Notes and higher financial cost associated to the issuance of the 2030 Notes. This strategic decision capitalized on favorable market conditions to successfully extend the average debt maturity to 4.6 years and reduce near-term refinancing risk. During 1Q2025, GeoPark invested $22.6 million to strengthen operations and support future growth. Investments focused primarily on workover campaigns, completion activities and infrastructure development in the Llanos 34 Block (GeoPark operated, 45% WI), as well as exploration drilling activity in the Llanos 123 Block (GeoPark operated, 50% WI), both in Colombia. On a pro forma basis, GeoPark invested an additional $23.8 million 2 to advance key development and infrastructure projects in Vaca Muerta, including the completion and fracture of three wells in PAD 9 and the drilling of four wells in PAD 12. Adjusted EBITDA to capital expenditures ratio of 3.9x and a return on average capital employed (ROACE) of 27% showed continued robust capital efficiency. Liquidity remained strong, with a cash balance of $308.0 million, further enhanced by the divestment of the non-core Llanos 32 and Manati blocks, which resulted in a $15.8 million cash inflow and a $3.2 million net gain (with an additional $7-8 million gain from Manati expected upon closing). The Company closed the period with net debt of $349.4 million and a strong leverage ratio of 0.9x, underscoring disciplined financial management and a resilient debt structure. GeoPark proactively maintains strong downside protection against oil price volatility, with approximately 70% of its expected 2025 pro forma production — including volumes from Vaca Muerta — covered by hedging instruments with floor prices between $68 and $70 per barrel. Demonstrating its continued commitment to shareholder returns, GeoPark declared a quarterly cash dividend of $0.147 per share (approximately $7.5 million), payable on June 5, 2025. Andrés Ocampo, Chief Executive Officer of GeoPark, said: 'Our first-quarter performance underscores the strength and resilience of the Company we have built together—efficient, disciplined, and future-focused. Through rigorous execution and proactive risk management, we delivered a stronger balance sheet, a healthier cash position, and a more robust debt profile—achieving solid financial results despite a volatile market environment. I am profoundly grateful to everyone who has contributed to this chapter of GeoPark's journey. The significant steps we've taken to strengthen our team and streamline our portfolio have positioned us to unlock greater value and build a more powerful platform for growth in the years to come.' Supplementary information is available at the following link: FIRST QUARTER 2025 HIGHLIGHTS Oil and Gas Production and Operations 1Q2025 consolidated average oil and gas production of 29,076 boepd 3 or 36,279 boepd pro forma including Vaca Muerta, exceeding the 2025 base case guidance of 35,000 boepd 8 rigs in operation (3 drilling and 5 workover) at the end of 1Q2025, including one drilling rig in Vaca Muerta Production in Vaca Muerta reached a record of 17,358 boepd gross during February 2025 New exploration discovery at the Currucutu-1 well in the Llanos 123 Block Enhanced field optimization and well interventions in the Llanos 34 and CPO-5 blocks, including the deployment of new-generation drilling rigs delivering faster cycle times and lower well costs Revenue, Adjusted EBITDA and Net Profit Revenue of $137.3 million Adjusted EBITDA of $87.9 million (64% Adjusted EBITDA margin) Operating profit of $50.4 million Net profit of $13.1 million ($0.25 basic earnings per share) Cost and Capital Efficiency Capital expenditures of $22.6 million 1Q2025 Adjusted EBITDA to capital expenditures ratio of 3.9x ROACE of 27% 4 Operating costs per produced boe of $12.3 Balance Sheet Reflects Financial Quality Cash in hand of $308.0 million, including $152.0 million to be used upon regulatory closing of the acquisition of assets in Vaca Muerta, Argentina Full-Year net leverage of 0.9x and no principal debt maturities until January 2027 Current cash position of $330 million (May 4, 2025) Commitment to Disciplined Capital Allocation Divestment of the non-core, non-operated Llanos 32 Block in Colombia and Manati gas field in Brazil for an aggregate total consideration of $20 million 5 (net of $12 million liabilities related to decommissioning or retirement obligations at the Manati gas field) Continued Shareholder Value Return Quarterly cash dividend of $0.147 per share, or approximately $7.5 million, payable on June 5, 2025, to shareholders of record at the close of business on May 22, 2025 Through our commitment to shareholder returns we expect an annualized dividend of approximately $30 million in 2025, or a 9% dividend yield 6 Sustainability and Corporate Governance Our 2024 SPEED/Sustainability Report highlights substantial emissions reductions and operational efficiency, as well as multiple awards for climate action, biodiversity, and decarbonization leadership CONSOLIDATED OPERATING PERFORMANCE Key performance indicators: Key Indicators 1Q2025 4Q2024 1Q2024 Oil production a (bopd) 28,972 31,354 34,255 Gas production (mcfpd) 624 808 7,305 Average net production (boepd) 29,076 31,489 35,473 Brent oil price ($ per bbl) 74.9 74.0 81.8 Combined realized price b ($ per boe) 62.8 59.6 65.1 ⁻ Oil c ($ per bbl) 65.3 61.9 69.5 ⁻ Gas ($ per mcf) — 7.1 5.4 Sale of crude oil ($ million) 137.1 141.8 162.2 Sale of purchased crude oil ($ million) 0.4 1.4 1.8 Sale of gas ($ million) — 0.5 3.5 Commodity risk management contracts ($ million) (0.2 ) — (0.1 ) Revenue ($ million) 137.3 143.7 167.4 Production & operating costs d ($ million) (35.4 ) (44.3 ) (38.5 ) G&G, G&A e ($ million) (11.5 ) (17.7 ) (12.7 ) Selling expenses ($ million) (2.2 ) (2.9 ) (4.1 ) Operating profit ($ million) 50.4 44.6 84.0 Adjusted EBITDA ($ million) 87.9 77.7 111.5 Adjusted EBITDA ($ per boe) 40.2 32.2 43.4 Net profit ($ million) 13.1 15.3 30.2 Capital expenditures ($ million) 22.6 47.4 48.8 Cash and cash equivalents ($ million) 308.0 276.8 150.7 Short-term financial debt ($ million) 19.0 22.3 5.7 Long-term financial debt ($ million) 638.4 492.0 489.3 Net debt ($ million) 349.4 237.6 344.3 Dividends paid ($ per share) 0.147 0.147 0.136 Shares repurchased (million shares) — — — Basic shares – at period end (million shares) 51,318 51,247 55,475 Weighted average basic shares (million shares) 51,281 51,227 55,381 Expand a) Includes royalties and other economic rights paid in kind in Colombia for approximately 4,869 bopd, 5,011 bopd, and 5,916 bopd in 1Q2025, 4Q2024 and 1Q2024, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government's production share. b) After the effect of earn-out to ex-owners of certain blocks. c) Before the effect of earn-out to ex-owners of certain blocks. d) Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil. e) G&A and G&G expenses include non-cash, share-based payments for $1.4 million, $1.3 million, and $1.5 million in 1Q2025, 4Q2024 and 1Q2024, respectively. These expenses are excluded from the Adjusted EBITDA calculation. Expand All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This press release and its supplementary information do not contain all the Company's financial information and the Company's consolidated financial statements and corresponding notes for the period are available on the Company's website. 1Q2025 (In millions of $) Colombia Ecuador Brazil Other (a) Total Adjusted EBITDA 88.4 3.4 (1.5 ) (2.4 ) 87.9 Depreciation (29.7 ) (2.1 ) (0.2 ) — (32.0 ) Write-offs (5.9 ) — — — (5.9 ) Share based payment (0.3 ) (0.0 ) (0.0 ) (1.3 ) (1.5 ) Lease Accounting - IFRS 16 1.3 0.0 0.2 — 1.5 Others 0.9 (0.0 ) (0.3 ) (0.2 ) 0.4 OPERATING PROFIT (LOSS) 54.7 1.3 (1.8 ) (3.8 ) 50.4 Financial costs, net (21.6 ) Foreign exchange charges, net (3.3 ) PROFIT BEFORE INCOME TAX 25.5 1Q2024 (In millions of $) Colombia Ecuador Brazil Other (a) Total Adjusted EBITDA 113.4 (0.3 ) 0.8 (2.4 ) 111.5 Depreciation (27.7 ) (0.4 ) (0.5 ) (0.0 ) (28.7 ) Share based payment (0.3 ) (0.0 ) (0.0 ) (1.3 ) (1.6 ) Lease Accounting - IFRS 16 1.6 0.0 0.2 — 1.9 Others 1.0 0.1 (0.0 ) (0.2 ) 0.8 OPERATING PROFIT (LOSS) 88.0 (0.6 ) 0.5 (4.0 ) 84.0 Financial costs, net (9.1 ) Foreign exchange charges, net 0.2 PROFIT BEFORE INCOME TAX 75.1 Expand a) Includes Chile (in 1Q2024), Argentina and Corporate business. Expand CONFERENCE CALL INFORMATION GeoPark management will host a conference call on Thursday, May 8, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2025 financial results. To listen to the call, participants can access the webcast located in the Invest with Us section of the Company's website at or by clicking below: Interested parties may participate in the conference call by dialing the numbers provided below: United States Participants: +1 404-975-4839 Global Dial-In Numbers: Passcode: 360481 Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available in the Invest with Us section of the Company's website at after the conclusion of the live call. NOTICE Additional information about GeoPark can be found in the Invest with Us section of the website at Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding. This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This press release and its supplementary information contain statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ''anticipate,'' ''believe,'' ''could,'' ''expect,'' ''should,'' ''plan,'' ''intend,'' ''will,'' ''estimate'' and ''potential,'' among others. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including production, the closing of the Vaca Muerta acquisition, full year net leverage figures, the expected annualized dividend and dividend yield, Work Program, strategic initiatives, growth and capital allocation. Forward-looking statements are based on management's beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC). Oil and gas production figures included in this press release and its supplementary information are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days. Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company's calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information. Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company's operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company's calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.
Business Wire
22-04-2025
- Business
- Business Wire
Excelerate Energy Announces Pricing of $800 Million Upsized Offering of 8.000% Senior Notes Due 2030
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) ('Excelerate' or the 'Company') today announced that Excelerate Energy Limited Partnership (the 'Issuer'), a subsidiary of Excelerate, has priced its offering (the 'Offering') of $800 million in aggregate principal amount of 8.000% unsecured senior notes due 2030 (the '2030 Notes'). The 2030 Notes will mature on May 15, 2030 and will be issued at par. The Offering is expected to close on May 5, 2025, subject to customary closing conditions. The Offering was upsized to $800 million in aggregate principal amount of 2030 Notes from the original offering size of $700 million in aggregate principal amount of 2030 Notes. Excelerate intends to use the net proceeds from the Offering, together with the net proceeds from the equity offering previously consummated by the Company and cash on hand, to (i) fund the consideration payable by the Company in the previously-announced pending acquisition of New Fortress Energy, Inc.'s (Nasdaq: NFE) business in Jamaica for $1.055 billion, subject to certain adjustments, (ii) repay the outstanding borrowings under the Company's term loan facility, which were $163.6 million as of December 31, 2024, and (iii) pay related fees and expenses. The 2030 Notes will be guaranteed by certain direct and indirect restricted subsidiaries of the Issuer. The 2030 Notes are being offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'), and to persons outside the United States only in compliance with Regulation S under the Securities Act. The 2030 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of the 2030 Notes or any other security of Excelerate, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. ABOUT EXCELERATE ENERGY, INC. Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services across the LNG value chain. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the consummation of the Offering and the satisfaction of customary closing conditions with respect to the Offering; the anticipated use of the net proceeds of the Offering; and the pending acquisition. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'consider,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'opportunity,' 'plan,' 'potential,' 'predict,' 'project,' 'shall,' 'should,' 'target,' 'will,' or 'would,' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, but not limited to, the following: the risk that the Offering will not be consummated; our ability to fund and close the pending acquisition; the anticipated timing and terms of the pending acquisition; our ability to realize the anticipated benefits of the pending acquisition; our ability to manage the risks of the pending acquisition; unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellations; the competitive market for liquified natural gas ('LNG') regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; and those detailed in Excelerate's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All forward-looking statements, expressed or implied, included in this press release and any oral statements made in connection with this press release are expressly qualified in their entirety by the foregoing cautionary statements. Excelerate undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Business Wire
21-04-2025
- Business
- Business Wire
Excelerate Energy Announces Proposed Offering of $700 Million of Senior Notes Due 2030
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) ('Excelerate' or the 'Company') today announced that Excelerate Energy Limited Partnership (the 'Issuer'), a subsidiary of Excelerate, has commenced an offering (the 'Offering') of $700 million in aggregate principal amount of unsecured senior notes due 2030 (the '2030 Notes'). Excelerate intends to use the net proceeds from the Offering, together with the net proceeds from the equity offering previously consummated by the Company and cash on hand, to (i) fund the consideration payable by the Company in the previously-announced pending acquisition of New Fortress Energy, Inc.'s (Nasdaq: NFE) business in Jamaica for $1.055 billion, subject to certain adjustments, (ii) repay the outstanding borrowings under the Company's term loan facility, which were $163.6 million as of December 31, 2024, and (iii) pay related fees and expenses. The 2030 Notes will be guaranteed by certain direct and indirect restricted subsidiaries of the Issuer. The 2030 Notes are being offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'), and to persons outside the United States only in compliance with Regulation S under the Securities Act. The 2030 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of the 2030 Notes or any other security of Excelerate, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. ABOUT EXCELERATE ENERGY, INC. Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services across the LNG value chain. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the consummation of the Offering and the satisfaction of customary closing conditions with respect to the Offering; the anticipated use of the net proceeds of the Offering; the terms of the 2030 Notes; and the pending acquisition. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'consider,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'opportunity,' 'plan,' 'potential,' 'predict,' 'project,' 'shall,' 'should,' 'target,' 'will,' or 'would,' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, but not limited to, the following: the risk that the Offering will not be consummated; our ability to fund and close the pending acquisition; the anticipated timing and terms of the pending acquisition; our ability to realize the anticipated benefits of the pending acquisition; our ability to manage the risks of the pending acquisition; unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellations; the competitive market for liquified natural gas ('LNG') regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; and those detailed in Excelerate's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All forward-looking statements, expressed or implied, included in this press release and any oral statements made in connection with this press release are expressly qualified in their entirety by the foregoing cautionary statements. Excelerate undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
