Afren wraps tenders for 49.31% of 11½% notes, 16.67% of 10¼% notes

By Susanna Moon

Chicago, Dec. 13 - Afren plc said it will settle tenders for $246,561,000, or 49.31%, of the $500 million of 11½% senior secured notes due 2016 and $50 million, or 16.67%, of its $300 million of 10¼% senior secured notes due 2019.

As the tender offer for the 10¼% notes was oversubscribed, the company will purchase the notes on a prorated basis of about 0.2973, according to a company press release.

The company settled tenders for the 11½% notes on Dec. 11 and planned to settle the 10¼% notes on Dec. 13.

On Nov. 26 Afren announced the early results of the tender offers and made changes to the tender offer for the 10¼% notes.

As of the early tender deadline, 5 p.m. ET on Nov. 25, holders had tendered $243,061,000 of the 11½% notes and $127,851,000 of the 10¼% notes.

As a result of the strong participation in the 11½% notes offer, the company amended the 10¼% notes offer to reduce the size and extend the expiration time, as previously noted.

The offer for the 10¼% notes was amended to allow for up to $50 million principal amount of the outstanding 10¼% notes, reduced from $100 million, and the offer was extended until 11:59 p.m. ET on Dec. 12.

Because the principal amount of 10¼% notes tendered by the early tender deadline exceeded $50 million, the company noted at the time that it would accept 10¼% notes on a pro rata basis.

The offer for the 11½% notes ended as scheduled at 11:59 p.m. ET on Dec. 10.

The tender offers began Nov. 12.

The purchase price was $1,135 per $1,000 principal amount of the 11½% notes and $1,140 per $1,000 principal amount of the 10¼% notes plus, in each case, an early tender premium of $30 per $1,000 principal amount of notes tendered by the early tender deadline.

Holders will also receive accrued interest up to but excluding the settlement date.

The dealer managers were BofA Merrill Lynch (44 20 7995 3715, 44 20 7996 0867, john.m.cavanagh@baml.com or karl.bystedtwikblom@baml.com), Citigroup Global Markets Ltd. (44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Credit Suisse Securities (Europe) Ltd. (44 20 7883 8763 or liability.management@credit-suisse.com).

The tender and information agent is Global Bondholder Services Corp. (212 430-3774).

The London-based oil and gas exploration, development and production company has operations in Africa and the Middle East.

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