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Transmeridian Exploration further extends exchange offer for 12% notes
By Angela McDaniels
Tacoma, Wash., Sept. 2 - Transmeridian Exploration Inc. extended the exchange offer for its $290 million 12% senior secured notes due 2010 to midnight ET on Sept. 22 from Sept. 15, according to a company news release.
The consent deadline was extended to 5 p.m. ET on Sept. 5 from Aug. 29.
The exchange offer began on July 23 and was originally scheduled to expire on Aug. 21.
The company said that as of 5 p.m. ET on Aug. 29, it had received tenders and consents from holders of $30.15 million of the notes. The figure was $34.01 million on Aug. 22 and $34.92 million on Aug. 15.
The Houston-based energy company is offering $101 in cash and $900 of new 12% senior secured notes due 2010 for each $1,000 principal amount of existing notes. The cash amount includes a $30 consent payment for notes tendered by the consent deadline.
The new notes will be identical to the existing notes but will not include the right to have the securities repurchased upon the closing of the transactions between Transmeridian and United Energy Group Ltd.
Notes cannot be tendered without delivering consents.
Conditions to the exchange include the receipt of tenders for at least 90% of the notes, excluding any held by United Energy, giving a required response of at least $222.2 million, and successful completion of a tender offer to be conducted by United Energy for Transmeridian's senior and junior preferred stock.
Consents are needed from holders of a majority of the notes, excluding any held by United Energy.
Successful completion of the exchange offer and consent solicitation is a condition to the completion of the transactions between Transmeridian and United Energy.
Only qualified institutional buyers under Rule 144A, institutional accredited investors under Regulation D, or non-U.S. persons may participate.
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