Zenith Energy extends offer to swap three 2024 notes for new 2026 notes

By Mary-Katherine Stinson

Lexington, Ky., March 1 – Zenith Energy Ltd. has extended the deadline for its offer to swap notes from three series for new notes, according to multiple notices.

The company is extending the deadline for completing the offer to March 8, citing the time necessary to process the instructions of the tendering noteholders. The company stated in the notice that the exchange offer had already “attracted strong support” and it expects that a “significant proportion” of noteholders will accept the exchange offer.

As previously reported, Zenith is offering to exchange 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).

Settlement of the Regulation S exchange offer is now expected to take place on or around March 15.

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.

© 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.