Romanian state-controlled natural gas producer Romgaz has successfully raised €500 million through a foreign currency (FX) senior unsecured bond with a 5-year maturity. The funds will primarily be used to finance the Neptun Deep offshore gas project, in which Romgaz holds a 50% stake. The bond issue was met with strong investor demand, with orders exceeding €5.9 billion.
The bond was launched at a rate of MS+255 (4.776%), 55 basis points lower than the initial indicative level, reflecting the high interest from investors.
Romgaz CEO Răzvan Popescu highlighted that the capital raised is crucial for supporting key projects like Neptun Deep and further solidifying the company’s leadership in the energy sector.
In 2023, the final investment decision for the Neptun Deep project was made. The offshore gas field, developed in partnership with OMV Petrom, holds an estimated 100 billion cubic meters of recoverable gas reserves. The total investment for the development phase is projected to reach €4 billion, with Romgaz responsible for contributing €2 billion.
