Hurricane trims 7.5% convertibles tender cap, amends pricing, deadline

By Marisa Wong

Los Angeles, Sept. 7 – Hurricane Energy plc amended its modified Dutch auction tender offer for up to a maximum amount of its $230 million outstanding 7.5% convertible bonds due 2022 (ISIN: XS1641462277), according to an announcement on Monday.

The target acceptance amount was decreased to $105 million from $115 million.

The company also adjusted the minimum and maximum purchase prices. The minimum purchase price was increased to 74, and the maximum purchase price was increased to 78.

Originally, the company said it would pay between 68 and 72 for the notes.

In the latest announcement, the company said it does not intend to further amend the minimum purchase price or maximum purchase price.

In addition, the expiration deadline will be extended to 11 a.m. ET on Sept. 9, and settlement is now expected to be on Sept. 15.

Previously, the deadline was 11 a.m. ET on Sept. 6, with settlement planned for Sept. 9.

Offer details

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.

Interest will also be paid to the settlement date.

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

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

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

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

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