Final Results of the Tender Offer for Hurricane's U.S.$230,000,000 7.50% Convertible Bonds due 2022

Source: www.gulfoilandgas.com 9/10/2021, Location: North America

Hurricane Energy plc and Hurricane GLA Limited (the Offeror) announce today the final results of the Offeror's invitation to holders of Hurricane's U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022 bearing ISIN: XS1641462277 (the Bonds) (of which U.S.$230,000,000 in aggregate principal amount are outstanding), to tender their Bonds for purchase by the Offeror for cash (the Offer).

The Offer was announced on 31 August 2021 and was made on the terms and subject to the conditions set out in the tender offer memorandum dated 31 August 2021 as amended on 6 September 2021 (the Tender Offer Memorandum) prepared by the Offeror.

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Participation as at the Expiration Deadline
The Expiration Deadline of the Offer was at 4.00 p.m. (London time) on 9 September 2021. As at the Expiration Deadline, the Offeror had received valid Tender Instructions (including both Non-Competitive Tender Instructions and Competitive Tender Instructions) of U.S.$77,984,000 in aggregate principal amount of the Bonds.

Results of the Offer
The Offeror now announces that the Final Acceptance Amount will be U.S.$77,984,000 in aggregate principal amount of the Bonds.

The Purchase Price will be 78 per cent. of the principal amount of the Bonds and the Offeror will also pay Accrued Interest as described in the Tender Offer Memorandum.

The expected Settlement Date for the Offer is 15 September 2021. Following settlement of the Offer and the cancellation of the Bonds accepted for purchase, U.S.$152,016,000 in aggregate principal amount of the Bonds will remain outstanding.

Antony Maris, Chief Executive Officer of Hurricane, commented: "I am pleased that the Company has been able to buy back more than 33 per cent of the outstanding bonds. This will reduce the par value of bonds held by third parties to U.S.$152 million, utilising U.S.$62 million of net free cash (inclusive of accrued interest). The effect of this will save the Company approximately U.S.$22 million of future obligations to bondholders in capital and interest. This is a positive development for the Company in managing its outstanding debt."


Norway >>  10/14/2021 - Hilde Ådland, board member of Panoro Energy ASA, has acquired 3,000 shares in the Company at a price per share of NOK 25.4. Following the acquisition,...
United States >>  10/13/2021 - Kosmos Energy Ltd. has launched a registered underwritten public offering of 37,500,000 shares of common stock (the “Offering”). In addition, Kosmos i...

Bermuda >>  10/12/2021 - GasLog Ltd. has entered into a Note Purchase Agreement with The Carlyle Group (“Carlyle”) and EIG for an amount of up to $325 million of 7.75% Notes d...
Norway >>  10/12/2021 - Equinor is the operator of 20 projects under development in Norway. This is a solid and profitable portfolio, creating ripple effects and value all ov...

Bermuda >>  10/11/2021 - Seadrill Limited and the Issuer announce that at the end of September 2021, certain subsidiaries of SeaMex Ltd. (in provisional liquidation), a 50/50 ...
Bermuda >>  10/11/2021 - Seadrill Limited (SDRL) has announced the voting results for its plan of reorganization (the “Plan”). All voting classes of stakeholders accepted the...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.