Hurricane Energy gives results of tender offer for 7.5% convertibles

By Rebecca Melvin

Concord, N.H., Sept. 10 – Hurricane Energy plc gave the final results of its Aug. 31 tender offer for up to $115 million of its $230 million outstanding 7.5% convertible bonds due 2022 (ISIN: XS1641462277), according to an announcement.

As of the expiration deadline at 11 a.m. ET on Sept. 9, the offeror had received valid tender instructions, including both non-competitive and competitive tender instructions, of $77,984,000 principal amount of bonds, representing about 33% of the issue.

The offer price will be 78 plus accrued interest, and settlement is expected on Sept. 15.

Following settlement of the offer and cancellation of the bonds, $152,016,000 principal amount of the bonds will remain outstanding.

The company used $62 million of net free cash for the purchase, with the effect that it will save about $22 million of future obligations in capital and interest.

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.

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