Afren gets tenders for $370.91 million 11½% notes, 10¼% notes so far

By Angela McDaniels

Tacoma, Wash., Nov. 26 - Afren plc announced the early results of the tender offers for its $500 million of 11½% senior secured notes due 2016 and its $300 million of 10¼% senior secured notes due 2019 and made changes to the tender offer for the 10¼% notes.

As of the early tender deadline, 5 p.m. ET on Nov. 25, holders had tendered $243,061,000 of the 11½% notes and $127,851,000 of the 10¼% notes, according to a company filing with the London Stock Exchange.

Holders will receive $1,135 per $1,000 principal amount of the 11½% notes and $1,140 per $1,000 principal amount of the 10¼% notes plus, in each case, an early tender premium of $30 per $1,000 principal amount of notes tendered by the early tender deadline.

Holders will also receive accrued interest up to but excluding the applicable settlement date.

As a result of the strong participation in the 11½% notes offer, the company amended the 10¼% notes offer to reduce the size and extend the expiration time.

As amended, the 10¼% notes offer is now for up to $50 million principal amount of the outstanding 10¼% notes, reduced from $100 million, and the expiration time is 11:59 p.m. ET on Dec. 12.

Because the principal amount of 10¼% notes tendered as of the early tender deadline exceeds $50 million, the company will accept 10¼% notes on a pro rata basis.

The expiration time for the 11½% notes remains 11:59 p.m. ET on Dec. 10.

The tender offers began Nov. 12.

The dealer managers are BofA Merrill Lynch (44 20 7995 3715, 44 20 7996 0867, john.m.cavanagh@baml.com or karl.bystedtwikblom@baml.com), Citigroup Global Markets Ltd. (44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Credit Suisse Securities (Europe) Ltd. (44 (0) 20 7883 8763 or liability.management@credit-suisse.com).

The tender and information agent is Global Bondholder Services Corp. (212 430-3774).

The London-based oil and gas exploration, development and production company has operations in Africa and the Middle East.

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