By Wendy Van Sickle
Columbus, Ohio, Nov. 28 – China's Anton Oilfield Services Group priced $300 million of three-year notes (expected ratings: Caa1//CCC-) on Tuesday to yield 10%, according to a notice.
Of the total amount, $176.42 million will be issued as a result of an exchange offer for the company’s $243.25 million of 7½% senior notes due November 2018, and $123.58 million of notes is being issued under a concurrent new money offer.
The new-money notes priced at 99.366%.
Nomura was the global coordinator for the Regulation S deal.
The proceeds will be used to refinance the existing notes and for general corporate purposes.
In the tender offer that ended at 11 a.m. ET on Nov. 27, the company took in tenders of $172,249,000, or 70.81%, of the existing notes due 2018.
For each $1,000 principal amount of 7½% notes, the company offered $1,018.75 principal amount of new dollar-denominated senior notes due 2020 and a principal amount of new notes equal to accrued interest. The company said it will also pay an additional $6.34 in cash for each $1,000 principal amount of notes tendered.
Based in Beijing, Anton Oilfield provides technical oil and gas field development services.
| Issuer: | Anton Oilfield Services Group
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| Amount: | $300 million ($176.42 million resulting from exchange offer, $123.58 million new money)
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| Maturity: | Dec. 5, 2020
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| Description: | Senior notes
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| Global coordinator: | Nomura
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| Coupon: | 9¾%
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| Price: | 99.366 for new money notes
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| Yield: | 10%
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| Call options: | Make-whole call at any time
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| Equity clawback: | For up to 35% at 109.75
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| Trade date: | Nov. 28
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| Settlement date: | Dec. 5
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| Expected ratings: Moody's: Caa1
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| Fitch: CCC-
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| Distribution: | Regulation S
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