Welltec accepts tenders for $329.27 million of 9˝% notes due 2022

By Marisa Wong

Los Angeles, Oct. 14 – Welltec A/S announced the results of its Sept. 27 cash tender offer to purchase for cash any and all of its $340 million outstanding 9˝% senior secured notes due 2022 (Cusip: 950399AB1, K9897UAB4).

As of the expiration of the offer at 5 p.m. ET on Oct. 13, holders had tendered $329.27 million, or 96.84%, of the outstanding notes. Welltec will accept all of the tendered notes, subject to the offer’s financing condition and other conditions being met or waived.

The company will pay $1,012.14 per $1,000 note, plus interest to but excluding the Oct. 15 settlement date.

Tendering noteholders may receive priority allocation for the new notes that are part of the financing condition, after having made a separate application for the purchase of the notes to the dealer manager, as previously announced.

Noteholders may tender their notes via guaranteed delivery procedures, if necessary.

Welltec intends to issue a notice of redemption on Friday for notes not purchased in the tender offer. The remaining notes would be redeemed on Dec. 1 at par plus interest.

Morgan Stanley & Co. International plc is the dealer manager for the tender offer (+44 20 7677 5040, 800 624-1808, 212 761-1057, liabilitymanagementeurope@morganstanley.com).

D.F. King & Co., Inc. is the information and tender agent (800 820-2416, 212 269-5550, welltec@dfking.com).

The issuer is an Allerod, Denmark-based oilfield services provider.

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