Hurricane Energy starts Dutch auction for 7.5% convertible bonds

Chicago, Aug. 31 – Hurricane Energy plc started a tender offer of up to $115 million of its $230 million outstanding 7.5% convertible bonds due 2022 (ISIN: XS1641462277) that will be conducted as a modified Dutch auction, according to an announcement.

The company will pay between 68 and 72 for the notes. Interest will also be paid to the settlement date.

Tendering noteholders can either submit a non-competitive tender instruction or a competitive tender instruction.

Competitive tender instructions should specify a purchase price that is an increment of 0.5% above the minimum purchase price.

The minimum denomination for tender instructions is $200,000.

The expiration deadline is 11 a.m. ET on Sept. 6.

Settlement is planned for Sept. 9.

Tenders may be subject to pro rata scaling.

The notes had been subject to a bondholder vote regarding a restructuring plan earlier in the year.

Stifel Nicolaus Europe Ltd. is the dealer manager (+44 20 7663 3217, SNELProjectHawk@stifel.com).

Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, hurricane@lucid-is.com).

Hurricane Energy is a Godalming, U.K.-based oil and gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.