Pacific Rubiales accepts $321.6 million 7¼% notes in exchange offer

By Jennifer Chiou

New York, Oct. 22 – Pacific Rubiales Energy Corp. announced that it has accepted tenders for $321.6 million, or 31.77%, of its 7¼% senior notes due 2021 in the exchange offer that ended at 11:59 p.m. ET on Oct. 17.

The offer began on Sept. 19.

As previously reported, holders had tendered $316.2 million of the notes by the early exchange deadline, which was 5 p.m. ET on Oct. 2.

The company offered to issue new 5 5/8% senior notes due 2025 in exchange for tendered 7¼% notes.

The early tendered notes were settled on Oct. 6, with the issue of about $357.7 million new notes, according to a prior press release.

The total exchange consideration is $1,131.25 of new notes for each $1,000 principal amount of tendered notes. The total includes a $30.00 early participation payment per $1,000 of notes.

Those who tendered their notes for exchange after the early deadline will receive the total payment less the early premium.

Holders will also receive accrued interest.

Final settlement is set for Oct .23.

Global Bondholder Services Corp. (866 807-2200) was the information and exchange agent.

Pacific Rubiales, a Toronto-based producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia.

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