GeoPark Reports Third Quarter 2026 Results

Free cash flow before debt service was negative $55.5 million during the Vaca Muerta investment phase.

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Wider Differentials Pressure Third Quarter Margins

BOGOTA, Colombia--(BUSINESS WIRE)-- GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, reports its consolidated financial results for the three-month period ended September 30, 2026 (“Third Quarter” or “3Q2026”). A conference call to discuss these results will be held on November 4, 2026, at 8:00 am (Eastern Standard Time).

During 3Q2026, GeoPark delivered stable production from its Colombian assets and accelerated production growth in Vaca Muerta, Argentina. The Company also announced its strategic entry into Venezuela through the Bare Block, a large-scale heavy oil redevelopment opportunity in the Orinoco Oil Belt. Financial performance was primarily impacted by wider crude oil differentials and higher operating costs. Following quarter-end, GeoPark strengthened its growth platform through the award of the Corralera Noreste Block in Argentina and secured long-term funding through a $550 million senior notes issuance to enhance its financial profile and support its Vaca Muerta investment program. Full-year 2026 results are expected to remain within market guidance, supported by increasing production volumes in Argentina and Colombia and optimizing fourth-quarter hedge positions to mitigate the impact of weaker crude oil differentials.

All figures are expressed in US Dollars and comparisons refer to 2Q2026, except when specified.

THIRD QUARTER 2026 FINANCIAL SUMMARY

Brent prices averaged $91.4/bbl during the quarter, compared to $96.9/bbl in 2Q2026. Significantly wider crude oil differentials further pressured GeoPark’s realized pricing. In Colombia, the Vasconia differential widened to a discount of $6.67/bbl from $1.43/bbl, while in Argentina, the Medanito differential deteriorated to a discount of $3.50/bbl from a premium of $1.79/bbl. Combined realized prices, including the impact of existing commodity risk management contracts, fell to $56.2/boe in 3Q2026, compared to $67.2/boe.

Production from Colombia and Argentina averaged 27,973 boepd, up 3% compared to 2Q2026, supported by stable production in Colombia and a 51% increase in Argentina. Nonetheless, sales volumes¹ decreased by 4% compared to 2Q2026, reflecting the absence of incremental pipeline inventory sales recorded in the previous quarter. Altogether, revenue decreased by 19% to $116.2 million in 3Q2026.

Capital expenditures totaled $72.2 million, one of GeoPark’s highest quarterly investment levels in recent years, bringing investment over the past two quarters to $148.6 million. The Vaca Muerta program is progressing ahead of the original development schedule, bringing forward investment and expected production growth. ROACE as of 3Q2026 stands at 17%.

Adjusted EBITDA² totaled $45.8 million (39% margin), down 37%. The decrease primarily reflected lower realized oil prices and higher operating costs, which increased to $20.7 per produced boe from $17.9 per produced boe, mainly driven by higher energy costs, increased well intervention activities and the appreciation of the Colombian and Argentine currencies³. These factors were partially offset by higher production and a lower negative impact from commodity risk management contracts. LTM Adjusted EBITDA⁴ is $236.5 million.

GeoPark continues to manage its hedging portfolio to protect downside exposure and support cash flow predictability. In 3Q2026, revenue reflected a $36.4 million loss from commodity risk management contracts, compared to a $41.2 million loss, as Brent prices remained above the contracted price ceilings. The Company continues to optimize its hedging portfolio, including the rollover of 6,000 bopd of existing 4Q2026 hedges into a 2028 position, while replacing the original 4Q2026 hedges with zero-cost collars at improved price levels. As a result, the hedge position is 25,000 boepd in 4Q2026, with average floors of $69 per boe and price ceilings of $79 per boe.

GeoPark generated $16.3 million of cash flow from operating activities during the quarter, compared to $108.4 million in 2Q2026, reflecting lower operating profitability and working capital movements, primarily driven by higher accounts receivable in Argentina, increased inventories in Colombia and other advances and receivables. Free cash flow before debt service stood at negative $55.5 million. The shift to negative free cash flow in 3Q2026 is consistent with the anticipated investment phase of GeoPark’s Vaca Muerta development. The dividend suspension announced in October 2025, effective with the 3Q2026 results, was designed to preserve cash through this phase.

Notwithstanding the above, cash and cash equivalents stood at $253.4 million at the end of 3Q2026, compared to $316.3 million in 2Q2026. Net debt stood at $386.6 million, with a net leverage ratio of 1.6x, compared to $317.8 million and 1.2x, respectively, at the end of 2Q2026.

Operating profit stood at $11.6 million in 3Q2026, compared to $40.8 million. Net income for the quarter totaled $6.6 million, including a $12.4 million income tax benefit, primarily resulting from deferred income tax adjustments in Argentina.

Funding and Strategic Progress

Subsequent to quarter-end, GeoPark completed a $550 million offering of 9.500% senior notes due 2033, strengthening its debt maturity profile and financial flexibility. As part of the transaction, approximately $266.8 million, representing 60% of the outstanding 2030 Notes were repurchased, while the proceeds also supported the redemption of the 2027 Notes. The transaction reduces near-term refinancing risk and funds a substantial portion of the Company’s planned 2027 investment program in Vaca Muerta.

During 3Q2026, GeoPark announced its strategic entry into Venezuela through the Bare Block, a large-scale heavy oil redevelopment opportunity in the Orinoco Oil Belt. On November 2, 2026, the Company completed the transaction, with the 25-year Production Participation Contract (“CPP”) becoming effective following the fulfillment of all required contractual and regulatory milestones. GeoPark is now advancing preparations to assume operational control before year-end 2026, with initial activities focused on well reactivations, production stabilization and infrastructure rehabilitation.

In October 2026, GeoPark was awarded the Corralera Noreste Block in northern Vaca Muerta, Argentina, adding approximately 26,900 gross acres (24,200 acres net to GeoPark’s 90% working interest). Based on its current technical assessment, the block has approximately 200 mmboe of unrisked gross resource potential and potential gross peak production of 40,000–50,000 boepd, subject to successful appraisal and development. GeoPark will pursue a phased de-risking strategy, with further investments subject to technical performance and investment criteria, while initial commitments are expected to be funded with available cash.

CEO Comment

Felipe Bayon, Chief Executive Officer of GeoPark, said: “Our third-quarter results reflect the ongoing portfolio transition from harvesting cash from mature assets to disciplined investment in transformational long-term growth. While key strategic milestones were achieved through the signing of the Bare agreement in Venezuela and the acquisition of new acreage in Argentina, wider crude oil differentials and higher operating costs are challenging current margins, reinforcing our focus on efficiency, proactive balance sheet management, and disciplined capital allocation. With the recent refinancing of our debt underpinning our development plans, our priority is to excel in execution, converting investment into production and cash flow growth while preserving financial strength.”

Supplementary information is available at the following link: https://ir.geo-park.com/3Q26-SupplementaryRelease

THIRD QUARTER 2026 HIGHLIGHTS

Oil and Gas Production and Operations

• 3Q2026 consolidated average oil and gas production of 27,973 boepd⁵
• Colombia production broadly stable at 25,865 boepd, with Argentina production increasing 50.6% quarter over quarter to 2,108 boepd
• Eight wells drilled and completed in Colombia and five wells fractured and brought onstream in Vaca Muerta
• Milano 1X exploration discovery in the CPO-5 Block, with production testing initiated during September

Revenue, Adjusted EBITDA and Net Profit

• Revenue of $116.2 million, compared to $143.3 million in 2Q2026
• Adjusted EBITDA of $45.8 million, compared to $73.1 million in 2Q2026, with a 39% margin
• Nine-month Adjusted EBITDA of $190.2 million
• Operating profit of $11.6 million, compared to $40.8 million in 2Q2026
• Net profit of $6.6 million, compared to $14.0 million in 2Q2026, including a $12.4 million income tax benefit primarily related to deferred taxes in Argentina

Cost Structure and Capital Efficiency

• Operating costs of $20.7 per produced boe in 3Q2026, reflecting higher electricity expenses, adverse local currency movements and increased well intervention activities
• Capital expenditures of $72.2 million: $41.8 million in Colombia and $30.4 million in Argentina
• Last twelve-month Return on Average Capital Employed (ROACE) of 17%
• Financial electricity hedges in place covering 10MW through 4Q2026

Balance Sheet and Liquidity

• Cash and cash equivalents of $253.4 million as of September 30, 2026
• Net debt of $386.6 million and last-twelve-month net leverage of 1.6x
• Cash flow from operating activities of $16.3 million during 3Q2026
• $550 million issuance of 9.500% senior notes due 2033, extending the Company’s debt maturity profile and supporting the funding of its Vaca Muerta development program
• $266.8 million, representing 60% of the outstanding 2030 Notes, tendered
• $94.7 million, representing 100% of the outstanding 2027 Notes, fully redeemed

Hedging and Risk Management

• Commodity risk management contracts resulted in a $36.4 million loss recognized in 3Q2026 revenue, compared to a $41.2 million loss in 2Q2026
• For 2027, approximately 22,500 bopd of expected production has been hedged on a full-year basis, through a combination of 3-way collars and zero cost collars, securing average strikes of $70.0/$50.0/$78.9 per boe
• For 2028, approximately 23,650 bopd of expected production has been hedged on a full-year basis, through a combination of zero cost collars and swaps with improved protection levels, securing floors of $70.8 per boe and ceilings of $80.0 per boe 

______________________________

1 Sales volumes expressed in barrels of oil equivalent per day.

2 For reconciliations, see “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” table below.

3 Approximately 85% of the Company's operating cost base is denominated in local currencies, as previously disclosed.

4 For reconciliations, see “Reconciliation of LTM Adjusted EBITDA” table below.

5 Reported in the 3Q2026 Operational Update.

CONSOLIDATED OPERATING PERFORMANCE
Key performance indicators:
Key Indicators		3Q2026			2Q2026			3Q2025			9M2026			9M2025
Oil productiona (bopd)		27,856			27,162			27,149			27,389			27,751
Gas production (mcfpd)		705			654			5,920			667			2,658
Average net production (boepd)		27,973			27,271			28,136			27,500			28,194
Brent oil price ($ per bbl)		91.4			96.9			68.1			88.7			69.9
Combined realized priceb ($ per boe)		56.2			67.2			57.1			61.3			59.1
⁻ Oilc ($ per bbl)		76.5			89.5			60.6			77.8			61.2
⁻ Gas ($ per mcf)		—			0.8			4.1			1.2			4.3
⁻ Commodity risk management contracts ($ per bbl)		(17.6	)		(19.3	)		0.7			(13.9	)		1.0
Sale of crude oil ($ million)		152.6			184.5			120.6			475.7			371.9
Sale of purchased crude oil ($ million)		—			—			—			—			0.4
Sale of gas ($ million)		—			0.0			3.0			0.0			3.7
Commodity risk management contracts ($ million)		(36.4	)		(41.2	)		1.5			(87.9	)		6.1
Revenue ($ million)		116.2			143.3			125.1			387.9			382.2
Production & operating costsd ($ million)		(57.5	)		(53.1	)		(33.3	)		(148.2	)		(101.3	)
G&G, G&Ae ($ million)		(10.4	)		(12.5	)		(12.1	)		(33.4	)		(35.7	)
Selling expenses ($ million)		(4.2	)		(4.4	)		(7.2	)		(17.4	)		(12.4	)
Operating profit ($ million)		11.6			40.8			32.4			110.5			89.9
Adjusted EBITDA ($ million)		45.8			73.1			71.4			190.2			230.9
Adjusted EBITDA ($ per boe)		22.2			34.3			32.6			30.1			35.7
Net (loss) profit ($ million)		6.6			14.0			15.9			40.8			18.6
Capital expenditures ($ million)		72.2			76.4			17.5			171.0			64.1
Cash and cash equivalents ($ million)		253.4			316.3			197.0			253.4			197.0
Short-term financial debt ($ million)		199.2			192.5			8.0			199.2			8.0
Long-term financial debt ($ million)		440.8			441.6			562.4			440.8			562.4
Net debt ($ million)		386.6			317.8			373.4			386.6			373.4
Dividends paid ($ per share)		0.023			0.023			0.147			0.076			0.441
Shares repurchased (million shares)		—			—			—			—			—
Basic shares – at period end (million shares)		64,931			64,896			51,664			64,931			51,664
Weighted average basic shares (million shares)		64,930			64,776			51,609			61,799			51,474

a)	Includes royalties and other economic rights paid in kind in Colombia for approximately 4,898 bopd, 5,457 bopd, and 4,612 bopd in 3Q2026, 2Q2026 and 3Q2025, respectively. No royalties were paid in kind in other countries.
b)	After the effect of earn-out to ex-owners of certain blocks.
c)	Before the effect of earn-out to ex-owners of certain blocks.
d)	Production and operating costs include operating costs, royalties and economic rights paid in cash, share-based payments and purchased crude oil.
e)	G&A and G&G expenses include non-cash, share-based payments for $1.9 million, $1.2 million, and $0.7 million in 3Q2026, 2Q2026 and 3Q2025, respectively. These expenses are excluded from the Adjusted EBITDA calculation.

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This press release and its supplementary information do not contain all the Company’s financial information and the Company’s consolidated financial statements and corresponding notes for the period are available on the Company’s website.

RECONCILIATION OF ADJUSTED EBITDA TO PROFIT BEFORE INCOME TAX
9M2026 (In millions of $)		Colombia			Argentina			Ecuador			Brazil			Corporate			Total
Adjusted EBITDA		188.2			7.8			(0.1	)		(0.8	)		(4.9	)		190.2
Depreciation		(77.3	)		(8.2	)		—			—			—			(85.5	)
Write-offs		(3.8	)		—			—			—			—			(3.8	)
Impairment		—			—			—			—			—			—
Share based payment		(1.6	)		(0.3	)		—			(0.0	)		(3.6	)		(5.5	)
Lease Accounting - IFRS 16		3.4			0.0			—			—			—			3.5
Others		(3.2	)		(1.4	)		0.1			0.2			15.8			11.6
OPERATING PROFIT (LOSS)		105.9			(2.1	)		0.1			(0.6	)		7.3			110.5
Financial costs, net																	(48.5	)
Foreign exchange charges, net																	(2.9	)
PROFIT BEFORE INCOME TAX																	59.1
9M2025 (In millions of $)		Colombia			Argentina			Ecuador			Brazil			Corporate			Total
Adjusted EBITDA		232.2			(3.2	)		6.8			(1.1	)		(3.8	)		230.9
Depreciation		(84.6	)		—			(4.8	)		(0.2	)		—			(89.7	)
Write-offs		(13.4	)		—			—			—			—			(13.4	)
Impairment		—			—			(31.0	)		—			—			(31.0	)
Share based payment		(0.6	)		(0.1	)		(0.0	)		(0.0	)		(2.6	)		(3.3	)
Lease Accounting - IFRS 16		3.8			—			0.0			0.7			—			4.5
Others		(2.0	)		(1.5	)		(0.3	)		(0.8	)		(3.4	)		(8.0	)
OPERATING PROFIT (LOSS)		135.3			(4.8	)		(29.3	)		(1.4	)		(9.9	)		89.9
Financial costs, net																	(42.5	)
Foreign exchange charges, net																	(4.8	)
PROFIT BEFORE INCOME TAX																	42.6

RECONCILIATION OF LTM ADJUSTED EBITDA
		4Q2025														9M2026			LTM
(In millions of $)		Colombia			Argentina			Other		Corporate			Total (A)			Total (B)			Total (A)+(B)
Adjusted EBITDA		47.9			(1.2	)		1.1		(1.5	)		46.3			190.2			236.5
Depreciation		(25.4	)		(2.1	)		—		—			(27.5	)		(85.5	)		(113.0	)
Write-offs		—			—			—		—			—			(3.8	)		(3.8	)
Impairment		—			—			—		—			—			—			—
Share based payment		(0.2	)		—			—		(1.0	)		(1.2	)		(5.5	)		(6.7	)
Lease Accounting - IFRS 16		1.3			—			—		—			1.3			3.5			4.8
Others		(5.1	)		(0.1	)		5.2		1.7			1.7			11.6			13.3
OPERATING PROFIT (LOSS)		18.4			(3.4	)		6.3		(0.8	)		20.5			110.5			131.0
Financial costs, net													(12.1	)		(48.5	)		(60.6	)
Foreign exchange charges, net													(2.5	)		(2.9	)		(5.4	)
PROFIT BEFORE INCOME TAX													6.0			59.1			65.1

CONFERENCE CALL INFORMATION

GeoPark management will host a conference call on Wednesday, November 4, 2026, at 8:00 am (Eastern Standard Time) to discuss the 3Q2026 financial results.

To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:

https://events.q4inc.com/attendee/940669489

Interested parties may participate in the conference call by dialing the numbers provided below

United States Participants: +1 585-542-9983
Global Dial-In Numbers:
https://help.events.q4inc.com/eahc/international-dial-in-numbers
Passcode: 940669489

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY
2027 Notes	5.500% Senior Notes due 2027
2030 Notes	8.750% Senior Notes due 2030
2033 Notes	9.500% Senior Notes due 2033
Adjusted EBITDA	Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16, certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events
Adjusted EBITDA per boe	Adjusted EBITDA divided by total boe deliveries
Operating Netback per boe	Revenue, less production and operating costs (net of depreciation charges and accrual of stock options and stock awards, the effect of IFRS 16), selling expenses, and realized results on commodity risk management contracts, divided by total boe deliveries. Operating Netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs
Bbl	Barrel
Boe	Barrels of oil equivalent
Boepd	Barrels of oil equivalent per day
Bopd	Barrels of oil per day
G&A	Administrative expenses
G&G	Geological & geophysical expenses
Mcfpd	Thousand cubic feet per day
LTM	Last Twelve Months
Net Debt	Current and non-current borrowings less cash and cash equivalents
ROACE	ROACE is defined as last twelve-month operating profit divided by average capital employed. Capital employed is calculated as total assets minus current liabilities and adjusted for excess cash. Excess cash corresponds to the portion of cash and cash equivalents that exceeds the amount required to cover current liabilities with current assets.
WI	Working interest

NOTICE

Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release and its supplementary information have been rounded for ease of presentation. Percentage figures included in this press release and its supplementary information have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. In addition, certain other amounts that appear in this press release and its supplementary information may not sum due to rounding.

This press release and its supplementary information contain certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release and its supplementary information contain statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected production, investment program, drilling operations, returns-based growth and sustainable value creation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

Oil and gas production figures included in this press release and its supplementary information are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.

Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of its operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables and the supplementary information.

Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261103932780/en/

For further information, please contact:

INVESTORS:

Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com

Miguel Bello
Investor Relations Officer
mbello@geo-park.com

Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com

MEDIA:

Communications Department
communications@geo-park.com

Source: GeoPark Limited

Key Terms

boepd technical

Barrels of oil equivalent per day (boepd) is a unit that converts all forms of hydrocarbon production—oil, natural gas and liquids—into the energy equivalent of barrels of crude oil and then reports the average output per day. Investors use boepd to compare production scale and growth across companies and projects the way you might compare total calories from different foods: it puts different fuels on a common, easy-to-understand basis for assessing revenue potential and operational efficiency.

roace financial

Return on Average Capital Employed (ROACE) measures how efficiently a company turns the money it uses to run the business into profit, averaging the capital base over a period to smooth out swings. For investors, it’s a way to compare how well different firms generate returns on the funds invested in the company—like judging which garden produces more crop per dollar spent on seeds and tools—helping assess quality and capital allocation over time.

zero-cost collars financial

A zero-cost collar is an options strategy that locks in a range for future stock price outcomes by simultaneously buying a put (downside protection) and selling a call (capping upside), with the premium from the sold call roughly covering the cost of the purchased put. It matters to investors because it limits potential losses and gains like putting a fence around returns, helping manage risk without a net cash outlay up front.

senior notes financial

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.