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Georgian Oil gets no more tenders for 6 7/8% notes since early date
By Susanna Moon
Chicago, May 4 – JSC Georgian Oil and Gas Corp. said investors had tendered $196,545,000 of its $250 million of 6 7/8% notes due 2017.
Settlement has been set for May 6.
Georgian Oil issued $250 million 6¾% notes due 2021 on April 26, which satisfied the new financing condition, according to a company notice.
The tender ended 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.
The tendered amount remains unchanged since 5 p.m. ET on April 22, the extended early deadline, compared 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.
As previously announced, the company was 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 contained a financing condition, based on whether the company had 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 was 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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