/Resources/Latest Financial Updates from Puma/Puma Energy Successfully Completes Repayments of its 2024 US Bonds

Puma Energy Successfully Completes Repayments of its 2024 US Bonds

December 18, 2023
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Puma Energy Successfully Completes Repayments of its 2024 US Bonds

Singapore, Monday, 18th December 2023: As part of Puma Energy’s focus to strengthen its balance sheet, the company has completed the last leg of its announced Liability Management exercise by calling the remaining US 2024 notes in circulation. Over the past five years, the company has reduced its Net Debt to EBITDA from 4.9x to 1.5x[1], and reduced its gross debt to its lowest level since 2011.

Following the divestment of the company’s marine terminals to ITG Sàrl in October 2022, Puma Energy used part of the proceeds to reduce its senior debt.

The company successfully obtained a consent solicitation to waive the pro rata provision with the US 2026 bond holders in June 2023. In turn, this allowed Puma Energy to deploy $410M towards its Euro and US notes maturing in 2024 via a tender offer ($377M to US 24’s and €29.6M to EUR 24’s) in August 2023. To close the Liability Management exercise, on December 15th the company called on the remaining US 2024 notes ($153.5M) using cash generated by the business.

“We have taken important steps to reduce the company’s leverage and significantly improve our capital structure,” said Puma Energy Chief Financial Officer Carlos Pons. “Our efforts to reduce debt and improve our debt maturity profile combined with our strong operational performance in recent quarters puts the company in a good position to refinance its upcoming maturities.” 

In November 2023, Puma Energy received a rating upgrade from Moody’s to Ba3/Stable Outlook from B1/Stable Outlook. This follows a change in outlook from Fitch Ratings in April 2023 from BB- stable to positive.

–  ENDS –

About Puma Energy

Puma Energy is a leading global energy business, safely providing energy across six continents. Our downstream business segments include fuels, aviation, lubricants and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.

For further information visit: www.pumaenergy.com


[1] Gross Debt minus cash and cash equivalents over LTM EBITDA (ex IFRS16) as of Q3 2023

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