Zenith Energy sees positive support for three-series exchange offer

By Marisa Wong

Los Angeles, March 11 – Zenith Energy Ltd. confirmed that it has received indications that a significant majority of noteholders has elected to accept the bond exchange offer first announced on Jan. 25, according to a Monday press release.

The company said that as a result it is working closely with exchange agent Bank of New York Mellon to liaise with the clearing systems and manage the implementation of the exchange.

Given the increasing positive response to the exchange and the time required for its implementation, the company has decided to further extend the deadline for completing the exchange until March 18, with settlement expected to take place on or around March 26.

The company had previously extended the deadline to March 8 and the settlement date to March 15. The company noted in the latest announcement that it does not plan to make any additional extensions to the exchange timeline.

As initially reported, the Regulation S exchange offer covers the following existing notes:

• 10 1/8% euro-denominated notes due Jan. 27, 2024 (ISIN: XS2108546735);

• 10 1/8% dollar-denominated notes due Jan. 27, 2024 (ISIN: XS2108546651); and

• 10 1/8% sterling-denominated notes due Jan. 27, 2024 (ISIN: XS2108546578).

The company is offering to exchange the existing notes at an exchange ratio of 1 to 1 for the following new notes:

• 14 5/8% euro-denominated notes due Jan. 2, 2026 (ISIN: XS2736390472);

• 14.8% dollar-denominated notes due Jan. 2, 2026 (ISIN: XS2736390712); and

• 14 7/8% sterling-denominated notes due Jan. 2, 2026 (ISIN: XS2736390985).

Further information may be obtained from the company (Andrea Cattaneo, chief executive officer; 587 315-1279; info@zenithenergy.ca).

The oil and gas company is based in Calgary, Alta.

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