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Mongolian Mining gets response of 75% in exchange offer for 9¼% notes
Chicago, Sept. 6 – Mongolian Mining Corp. announced that noteholders representing approximately 75% of the company’s $350.2 million outstanding 9¼% senior notes due 2024 (ISIN: USG61759AA70) participated in its exchange offer, according to an announcement.
Including $15 million of notes that were held in treasury, $251,029,000 of the notes were tendered for exchange.
As previously reported, Mongolian Mining’s indirect wholly owned subsidiary Energy Resources LLC was offering to exchange each $1,000 principal amount of the Regulation S notes for:
• $300 in cash as the upfront principal payment;
• $700 principal amount of new notes with a minimum coupon of 12½%, subject to minimum denomination provisions;
• $50 in cash as the exchange fee; and
• A fractional cash payment, if applicable, plus accrued interest.
There was minimum exchange condition of 75% of the issue which was met.
The exchange offer expired at 11 a.m. ET on Sept. 5.
Settlement is planned for Sept. 13.
Mongolian Mining and Energy Resources, as co-issuers, are concurrently conducting a separate offering of the new notes. The new notes issued in connection with the exchange offer and in the separate new issuance will have the same terms and will form a single series.
Deutsche Bank AG, Hong Kong Branch (+852 2203 8398, +44 20 7545 8011, akela.db@list.db.com) and Morgan Stanley & Co. International plc (+852 2239 1081, +44 20 7677 5040) are dealer managers for the exchange offer.
Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 609-4910; mmc@investor.morrowsodali.com; https://projects.morrowsodali.com/mmc) is information, exchange and tender agent.
Mongolian Mining is an Ulaanbaatar, Mongolia-based coking coal producer and exporter.
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