Hurricane Energy plc, the UK based oil and gas company, is pleased to announce that its subsidiary Hurricane GLA Limited has completed the repurchase of U.S.$15.0 million in aggregate principal amount of the Company's U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022 (the "Bonds") (of which U.S.$152,016,000 in aggregate principal amount are outstanding) for a total consideration of U.S.$14.0 million, including accrued interest.
The Bonds were acquired from Stifel Nicolaus Europe Limited and will be surrendered for cancellation. Following cancellation, this will result in the Company further reducing its aggregate principal amount of the Bonds outstanding to U.S.$137,016,000 and leading to a net saving in debt repayment and interest charges of U.S.$1.8 million.
The Company will continue to evaluate its liability management options which may include further Bond repurchases from time to time, subject to market conditions.
This notification does not constitute or form part of an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Bonds or any other securities.
Antony Maris, CEO of Hurricane, commented:
"Managing our outstanding debt is a key focus for Hurricane and I am pleased we have been able to take this positive opportunity to further reduce our bond obligations. Despite the current economic climate and volatile oil price, and the remaining challenge of bridging any funding gap for the repayment of the bonds, we will continue to look at all options to maximise value from our assets as we focus on meeting our debt repayment obligations and beyond."