| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2019 > News item |
Hong Kong’s MIE extends early deadline, expiry of 7½% note exchange
By Wendy Van Sickle
Columbus, Ohio, April 8 – MIE Holdings Corp. extended both the early participation deadline and the expiration of offer to exchange its $315,916,000 of outstanding 7½% senior notes due 2019, according to a company announcement.
Both the early participation deadline and the exchange expiration are now 11 a.m. ET on April 10.
As announced on March 1, the company is offering $100 in cash and $900 principal amount of new dollar-denominated 13¾% senior notes due 2022 for each $1,000 principal amount of 7½% notes tendered by the early participation deadline, which was originally noon ET on March 15, but had been previously extended.
The company was originally offering $20 in cash and $980 principal amount of new notes for each $1,000 principal amount of 7½% notes tendered after the early participation deadline but prior to the offer expiration, which was originally noon ET on March 22.
Following the latest announcement on Monday, all holders who tender their notes in the exchange will received the total considereation.
Holders will also receive any capitalized interest and cash in lieu of any fractional amount of new notes.
Holders must tender at least $200,000 principal amount of notes in order to participate.
The offer is conditioned on the receipt of tenders for at least 90% of the outstanding notes.
The company said the purpose of the exchange offer is to refinance the notes and to extend the maturity of its senior debt currently due in April.
Following the completion of the exchange offer, the company intends to, from time to time, purchase part or all of the new 13¾% notes in the open market using free cash flow.
The information and exchange agent is D.F. King (+44 20 7920 9700, +852 3953 7231, mie@dfkingltd.com or https://sites.dfkingltd.com/mie).
MIE Holdings is a Hong Kong-based oil and gas exploration and production 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.