Hong Kong’s MIE offers cash, 13¾% notes in exchange for 7½% notes

By Angela McDaniels

Tacoma, Wash., Feb. 28 – MIE Holdings Corp. began an exchange offer for its $315,916,000 of outstanding 7½% senior notes due 2019, according to a company announcement.

The company is offering $100 in cash and $900 principal amount of new dollar-denominated 13¾% senior notes due 2022 for each $1,000 principal amount of 7½% notes tendered by the early participation deadline, noon ET on March 15.

The company is offering $20 in cash and $980 principal amount of new notes for each $1,000 principal amount of 7½% notes tendered after the early participation deadline but prior to the offer expiration, noon ET on March 22.

In each case, holders will also receive any capitalized interest and cash in lieu of any fractional amount of new notes.

The offer results will be announced March 25, and the settlement date will be March 26.

Holders must tender at least $200,000 principal amount of notes in order to participate.

The offer is conditioned on the receipt of tenders for at least 90% of the outstanding notes.

The company said the purpose of the exchange offer is to refinance the notes and to extend the maturity of its senior debt currently due in April.

Following the completion of the exchange offer, the company intends to, from time to time, purchase part or all of the new 13¾% notes in the open market using free cash flow.

The information and exchange agent is D.F. King (+44 20 7920 9700, +852 3953 7231, mie@dfkingltd.com or https://sites.dfkingltd.com/mie).

MIE Holdings is a Hong Kong-based oil and gas exploration and production company.

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