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Halcon Resources receives early tenders for $287.5 million of notes
By Marisa Wong
Morgantown, W.Va., Dec. 4 – Halcon Resources Corp. announced that as of 11:59 p.m. ET on Dec. 3, the early tender date of its exchange offer, holders had tendered a total of $287.5 million of notes.
Specifically, holders tendered $116,363,000 of Halcon’s 9¾% senior notes due 2020, $136,854,000 of its 8 7/8% senior notes due 2021 and $34,328,000 of its 9¼% senior notes due 2022.
On Nov. 19 the company announced an offer to issue up to $150 million of new 12% second-lien senior secured notes due 2022 in exchange for its $462,214,000 of outstanding 9¾% notes, $493,671,000 of outstanding 8 7/8% notes and $93,995,000 of outstanding 9¼% notes.
The offer will expire at 11:59 p.m. ET on Dec. 17.
Tenders may no longer be withdrawn.
The company said that if the amount tendered exceeds the maximum exchange amount, it will accept tendered notes on a pro rata basis.
As reported, the company is offering $390 principal amount of new notes in exchange for each $1,000 principal amount of notes tendered by the early tender date.
The exchange consideration for notes tendered after the early tender date but prior to the offer expiration is $370 per $1,000 principal amount of notes.
The company will also pay accrued interest up to but excluding the settlement date in cash.
The exchange offer is conditioned on, among other things, the receipt of tenders for at least $270.3 million of existing notes. This minimum tender condition has been satisfied.
The exchange offer is only being made to noteholders who are “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act or not “U.S. persons” and are outside of the United States within the meaning of Regulation S under the Securities Act.
The information agent is Bondholder Communications Group (888 385-2663, 212 809-2663 or www.bondcom.com/Halcon).
Halcon Resources is a Houston-based oil and natural gas company.
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