Anton Oilfield solicits waivers of covenant breaches from asset sales

New York, May 16 – Anton Oilfield Services Group announced a solicitation of consents for its 7½% senior notes due 2018.

The company is seeking waivers of past defaults resulting from an asset disposition made at a time where conditions required under the note indenture for asset dispositions were not satisfied and consequential breaches of covenants arising from failure to comply with that condition, according to a company announcement.

Anton is also seeking to waive a financial ratio requirement in the indenture in connection with its planned sale of a minority equity interest in a subsidiary in order to introduce a strategic partner in its Iraq operations and of a subsidiary engaged in a non-core business.

Anton will pay a consent fee of $1.50 per $1,000 principal amount of the notes to holders who deliver consents if the solicitation is successful.

Valid approvals from holders of a majority of the notes are needed to obtain the waiver.

No expiration date was given for the solicitation.

UBS AG Hong Kong Branch (+852 2971 8518) is the solicitation agent. D.F. King Ltd. (212 269-5550, 877 297-1739, +44 20 7920 9700, +852 3953 7230 or antonoil@dfkingltd.com) is information agent and tabulation agent.

Anton is an integrated oilfield services provider based in Beijing.

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