Georgian Oil collects early tenders for $129.44 million 6 7/8% notes

By Susanna Moon

Chicago, April 18 – JSC Georgian Oil and Gas Corp. said investors had tendered $129,437,000 of its $250 million of 6 7/8% notes due 2017 as of 5 p.m. ET on April 15.

The issuer expects to announce the results of the tender “promptly” after the offer ends, with settlement on May 4, according to a notice.

As announced April 4, the company is offering 102.25% of par for the securities, which includes an early tender premium of 3% for holders who submit notes for purchase by the early tender deadline.

Holders will also receive accrued interest.

Those who tender after the early deadline will receive 99.25% of par.

The tender ends at 11:59 p.m. ET on April 29.

Georgian Oil previously said it is carrying out the tender in order to extend its maturity profile and reduce the cost of its debt.

The dealer managers are Barclays (+44 20 3134 8515, 212 528-7581, 800 438-3242 or liability.management@barclays.com) and JPMorgan (+44 20 7134 2468, em_europe_lm@jpmorgan.com). The information and tender agent is D.F. King Ltd. (+44 20 7920 9700, 212 269-5550, 800 622-1569, +852 3953 7230 or gogc@dfkingltd.com).

Georgian Oil and Gas is a Tbilisi, Georgia-based company focused on the exploration, production, transportation and sales of oil and gas resources.

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