China’s Anton offers to exchange 7½% notes, will sell new 2020 notes

By Angela McDaniels

Tacoma, Wash., Nov. 13 – Anton Oilfield Services Group began an exchange offer for its $243.25 million of outstanding 7½% senior notes due November 2018, according to a company announcement.

For each $1,000 principal amount of 7½% notes, the company is offering $1,018.75 principal amount of new dollar-denominated senior notes due 2020 and a principal amount of new notes equal to accrued interest.

Holders must tender at least $200,000 principal amount of 7½% notes in order to participate, and the offer is only open to non-U.S. persons outside the United States.

The interest rate of the new notes has not been determined. The minimum yield of the new notes will be announced on or about Nov. 20.

The exchange offer ends at 11 a.m. ET on Nov. 27. The settlement date is expected to be Dec. 5.

The company is selling additional new notes via a separate concurrent offering and will use the proceeds to refinance, among others, the 7½% notes and for general corporate purposes.

The company said the principal purpose of the exchange offer is to refinance the 7½% notes and improve its debt structure.

Nomura International plc is acting as the dealer manager for the exchange offer and the global coordinator for the new money issuance. The information and exchange agent is D.F. King (+44 20 7920 9700, +852 3953 7230 or antonoil@dfkingltd.com).

Anton is an oilfield services provider based in Beijing.

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