Zenith Energy launches second offer to swap 2024 notes for new 2026 notes

By Mary-Katherine Stinson

Lexington, Ky., April 22 – Zenith Energy Ltd. is giving holders of outstanding notes from three series a second chance to participate in an exchange offer under revised terms, according to a Monday press release.

As with the previous offer that launched Jan. 25 and concluded April 11, Zenith is offering to exchange the following existing notes once again:

• 10 1/8% euro-denominated notes due Jan. 27, 2024 (ISIN: XS2108546735);

• 10.3% dollar-denominated notes due Jan. 27, 2024 (ISIN: XS2108546651); and

• 10 3/8% sterling-denominated notes due Jan. 27, 2024 (ISIN: XS2108546578).

The company is offering to exchange the existing notes at an exchange ratio of 1 to 1 for the following new notes:

• 14 5/8% euro-denominated notes due May 21, 2026;

• 14.8% dollar-denominated notes due May 21, 2026; and

• 14 7/8% sterling-denominated notes due May 21, 2026.

This new exchange offer will be open until 11 a.m. ET on May 14.

Settlement is expected to take place on or before May 24.

Zenith has again appointed the Bank of New York Mellon as exchange agent.

Further information may be obtained from the company (Andrea Cattaneo, chief executive officer or Luca Benedetto, chief financial officer; 587 315-1279; info@zenithenergy.ca).

The offer was launched on the heels of the company’s previous offer after confirmation that a “significant number” of noteholders had been unable to participate.

The oil and gas company is based in Calgary, Alta.

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