GeoPark (GPRK) said Tuesday its GeoPark Argentina unit has obtained authorization from the Argentinian securities regulator to issue up to $500 million in debt securities over the next five years.
The unit has also obtained an "AA+(arg)" rating from Fitch Ratings' local affiliate FIX, GeoPark said.
The major factors backing the rating include GeoPark Argentina's "existing reserves, production and cash flow generation, alongside a robust production plan in the Mata Mora Norte Block," the company said.
GeoPark Argentina will fund its capital expenditures to support the expected production growth via cash flow generation from the Mata Mora Norte Block and debt raised in the local capital market, the company said, adding the unit has also obtained more than $100 million in credit lines in Argentina.
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