| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for MIE Holdings Corp. > News item |
China’s MIE tenders for 6 7/8% notes, up to $20 million of 7½% notes
By Susanna Moon
Chicago, June 13 – MIE Holdings Corp. began a cash tender for its outstanding 6 7/8% senior notes due 2018 and a cash tender for up to $20 million of its outstanding 7½% senior notes due 2019.
MIE also is soliciting consents to amend the 2018 notes to eliminate substantially all of the restrictive covenants and some of the related events of default, according to a company announcement.
For the 6 7/8% notes, the total purchase price will be $600 per $1,000 principal amount plus a $10 consent payment per $1,000 of notes, according to a company announcement.
The tender offer will end on June 23, with settlement following on June 28.
To pass, the proposed amendments require consents from holders of at least a majority of the outstanding 2018 notes.
In the maximum tender, the total purchase price will be $400 for each $1,000 principal amount of the 2019 notes tendered before the early deadline of June 23 plus an early premium of $155 per $1,000 of notes.
Holders who tender their 2019 notes after the early deadline will receive $400 per $1,000 principal amount.
The capped offer will end on July 10, with settlement set for July 13. The company said it may elect to settle early tenders on June 28.
MIE said it is making the tender offers to reduce its debt.
The company said it plans to fund the any-and-all tender with proceeds from a new $147 million loan from a third-party lender and the capped offer with cash on hand and proceeds from the financing.
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, 212 269-5550, 800 370-1749 or mie@dfkingltd.com) 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.