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QGOG Constellation offers 8½% notes for existing 6¼% notes
New York, April 3 – QGOG Constellation SA announced an offer to issue 8½% senior notes due 2024 in exchange for its existing 6¼% senior notes due 2019.
The exchange is intended to give the company “flexibility to navigate industry headwinds,” the company said in a news release.
Extending the maturity of the existing notes will also facilitate the refinancing of the remainder of the company’s debt, QGOG added.
For each $1,000 of existing notes, the company is offering $1,000 of new notes.
The consideration includes an early exchange premium of $50 of new notes that will only be issued to holders who participate by the early expiration date of 5 p.m. ET on April 17.
Holders who tender after that date but before the expiration of 11:59 p.m. ET on April 28 will receive $950 of new notes per $1,000 principal amount.
The principal amount of new notes will be rounded to $150,000 and multiples of $1,000 above that figure.
No cash will be paid as a result of any rounding down.
QGOG will pay accrued interest in cash.
Concurrently with the exchange, the issuer is soliciting consents to amend the note indenture in order to eliminate substantially all of the restrictive covenants and certain events of default and related provisions.
Holders who tender must deliver consents.
Completion of the offer is subject to the tender of at least 90% of the existing notes.
The exchange is being conducted under Rule 144A and Regulation S.
Ipreo LLC (212 849-3880 or 888 593-9546) is information agent and exchange agent.
QGOG is a Rio de Janeiro-based provider of off- and on-shore drilling in Brazil through subsidiary Queiroz Galvao Oleo e Gas SA.
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