Georgian Oil collects early tenders for $196.55 million 6 7/8% notes

By Susanna Moon

Chicago, April 25 – JSC Georgian Oil and Gas Corp. investors had tendered $196,545,000 of its $250 million of 6 7/8% notes due 2017 as of 5 p.m. ET on April 22, the extended early deadline, according to a company update.

That compares with tenders for $129,437,000 of the 6 7/8% notes as of 5 p.m. ET on April 15, the original early tender date.

The offer will end at 11:59 p.m. ET on May 3, previously extended from 11:59 p.m. ET on April 29. Settlement is expected to occur on May 6.

As previously announced, the company is offering 102.25% of par for notes tendered by the early tender date, which includes an early tender premium of 3%. Holders will also receive accrued interest.

The offer also contains a financing condition, based on whether the company has received enough proceeds from its planned issue of new notes.

On April 19, the company guided its $250 million offering of five-year notes to a yield in the low-to-mid-7% area, as reported.

Georgian Oil is carrying out the tender offer in order to extend its maturity profile and to 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 J.P. Morgan Securities plc (+44 20 7134 2468 or 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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