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Tullow Oil launches capped tender offer for 7% notes due 2025
By Marisa Wong
Los Angeles, June 12 – Tullow Oil plc is inviting holders of its $800 million outstanding 7% senior notes due 2025 (ISIN: USG91237AA87) to tender their notes for purchase for cash, up to a total tender consideration of $75 million, according to a notice.
Pricing will be determined through an unmodified Dutch auction procedure. The minimum purchase price is 55.50.
The company will also pay accrued interest.
The company will only accept tenders with respect to the Regulation S notes of the series. The company will not accept tenders with respect to the Rule 144A notes (ISIN: US899415AE32).
The company said it reserves the right to significantly increase or decrease the offer cap.
The company will first accept for purchase notes tendered under non-competitive tender instructions – tenders that do not specify a purchase price or that specify a purchase price less than or equal to the minimum price – and then notes tendered under competitive tender instructions – tenders that specify a purchase price greater than the minimum price.
Tenders may be subject to proration.
The offer expires at 11 a.m. ET on June 16. Results will be announced on the business day after that.
Settlement is expected to occur on June 20.
Notes purchased under the offer will be retired and canceled.
The dealer managers for the offer are ING Bank NV, London Branch (+44 20 7767 6784; liability.management@ing.com) and Standard Chartered Bank (+44 20 7885 5739, +65 655 78286, +852 398 38658; liability_management@sc.com).
The information and tender agent is Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933; tullowoil@investor.morrowsodali.com; https://projects.morrowsodali.com/tullowoil).
The London-based oil and gas exploration and production company said it is undertaking the offer as part of its plan to optimize and proactively manage its cash, debt profile and capital structure.
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