Indus Gas Ltd on Monday proposed an exchange offer for noteholders in a bid to ‘optimise’ its debt capital structure.

The oil and gas explorer and developer with assets in India has proposed an exchange for $150 million 8% senior unsecured loans due December 2022, of its $300 million multi-currency medium-term programme.

All existing notes will be exchanged for a consideration of $1,000 each.

Indus Gas will also conduct a concurrent offering to issue and sell additional new notes for up to $25 million. Together with the exchange offer, Indus Gas said the new notes may aggregate up to $175 million.

The exchange offer begins on Monday, and will last for a week.

Indus Gas shares closed flat at €2.86 on Monday in Paris.

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