MIE Holdings secures holder consents to amend 6 7/8% notes, 7˝% notes

By Susanna Moon

Chicago, Nov. 21 – MIE Holdings Corp. said it obtained the needed majority of consents to amend its $200 million of 6 7/8% senior notes due 2018 and $476 million of 7˝% senior notes due 2019.

MIE will pay a consent payment to holders who gave their consents, according to a company update.

As announced on Oct. 28, the company sought to modify the provisions in the note indenture regarding permitted investments and proceeds from asset sales.

By changing the note terms, MIE hopes to gain additional flexibility to take advantage of what it says is market dislocation caused by continuing volatility in the oil and gas industry.

Possible actions include opportunistic acquisitions and optimizing the company’s capital structure, according to a previous announcement.

The solicitation ended at 11 a.m. ET on Nov. 18 for the 6 7/8% notes, extended from 11 a.m. ET on Nov. 9, and at 5 p.m. ET on Nov. 18 for the 7˝% notes, extended from 5 p.m. ET on Nov. 9.

The consent fee is $2.50 per $1,000 principal amount.

Morgan Stanley & Co. International plc (+852 3963 0371, 800 624-1808, 212 761-1057 or +44 20 7677 0473) and Nomura International (Hong Kong) Ltd. (+852 2536 7056, +44 20 7103 6597 or liability.management@nomura.com) are solicitation agents. D.F. King (+44 20 7920 9700, +852 3953 7230 or 877 297-1744) is information and tabulation agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.