MIE seeks noteholder consents to take advantage of energy volatility

New York, July 1 – MIE Holdings Corp. announced it is soliciting consents from holders of its $200 million 6 7/8% senior notes due 2018 and its $500 million 7˝% senior notes due 2019 to allow the company to take advantage of disruptions in the energy industry.

MIE wants “additional flexibility in light of the continuing volatility of the oil and gas industry to take advantage of market dislocation and realize value and liquidity, including through opportunistic acquisitions and dispositions,” according to a company announcement.

MIE is also seeking to align the note indenture with more recent issuances in its region.

Specifically the company is looking to amend the provisions relating to its ability to incur indebtedness and make investments and to change related definitions. It also wishes to amend the asset sale covenant, the merger and consolidation covenant and to provide for a suspension of some covenants in the event the notes are rated investment grade.

If the solicitation is successful, holders who deliver consents will receive a payment of $5.00 per $1,000 principal amount of notes.

The consent solicitation for the 6 7/8% notes will end at 11 a.m. ET on July 16 and for the 6 7/8% notes at 5 p.m. ET the same day.

MIE needs consents from holders of a majority of each series of notes.

J.P. Morgan Securities plc (Liabilitymanagement_asia@jpmorgan.com) and Morgan Stanley & Co. International plc (+852 3963 0371, 800 624 1808, 212 761 1057 or +44 20 7677 5040) are solicitation agents. Lucid Issuer Services Ltd. (: +44 20 7704 0880) is information and tabulation agent.

MIE Holdings is a Hong Kong-based oil and gas company with operations in China, Kazakhstan and the United States.

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