GeoPark Announces Proposed Note Offering for 2030 Debt Tender

GeoPark plans a private placement of senior notes to help fund a cash tender for its 8.75% notes due 2030, address other debt and support development at its Vaca Muerta assets in Argentina. The proposed financing also includes general corporate purposes among its planned uses, and its terms remain subject to market conditions.

Certain GeoPark subsidiaries would guarantee the new notes. The company has not announced an offering amount, interest rate, maturity, issue price or pricing date. The securities are intended for qualified institutional buyers in the United States and non-U.S. persons outside the country.

The tender covers all of GeoPark’s outstanding 8.75% notes due 2030. Their principal balance was $441,679,000 as of Oct. 16. Holders are offered $1,027.50 for each $1,000 of face value, plus interest accrued and unpaid up to, but not including, settlement. The offer is scheduled to close at 5 p.m. ET (21:00 UTC) on Oct. 22, unless extended. GeoPark’s obligation to buy tendered notes depends on conditions that include financing.

Net proceeds would go toward purchasing notes tendered in the offer, repaying or redeeming other debt, funding Vaca Muerta capital expenditures over the next 18 months, and general corporate purposes. GeoPark also issued a notice to redeem its 5.5% notes due 2027, subject to completion of the offering. Those notes are scheduled to mature Jan. 17, 2027.

By Oct. 15, five wells at Pad 1030 were online, lifting gross field production above 5,000 barrels of oil equivalent a day. GeoPark’s 2026 work program allocated $80 million to $100 million in capital expenditures for five Vaca Muerta wells and included plans to begin factory drilling in Argentina during the fourth quarter.

The tender deadline is Oct. 22 at 5 p.m. ET (21:00 UTC), unless GeoPark extends the offer.