United Energy starts tender for Transmeridian convertible preferreds

New York, Aug. 4 - United Energy Group Ltd. said it began a tender offer for Transmeridian Exploration Inc.'s 15% senior redeemable convertible preferred stock and 20% junior redeemable convertible preferred stock.

The Houston-based investment holding company is offering $76.00 for each preferred in cash.

The tender ends at midnight ET on Aug. 29.

United Energy is making the offer as part of the investment agreement with Transmeridian announced on June 11.

United Energy has reached agreement with some holders of the preferreds to acquire 83% of the 15% senior preferreds and 74% of the 20% junior preferreds. The tender is to acquire additional preferreds.

The tender is subject to conditions including acceptance by holders of at least 90% of each series of preferreds, government approvals, approval by the holders of Transmeridian's common stock and holders of United Energy's ordinary shares and the successful closing of Transmeridian Exploration's concurrent exchange offer and consent solicitation.

Citigroup Global Markets Inc. is dealer manager for the tender offer (800 558-3745).

Transmeridian is a Houston-based independent energy company.

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