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United Energy again extends tender offer for Transmeridian convertible preferreds
By Angela McDaniels
Tacoma, Wash., Oct. 8 - United Energy Group Ltd. said it further extended its cash tender offer for Transmeridian Exploration Inc.'s 15% senior redeemable convertible preferred stock and 20% junior redeemable convertible preferreds to 5 p.m. ET on Oct. 28 from Oct. 7.
As of 5 p.m. ET on Oct. 7, 185,881 junior preferreds and 61,316 senior preferreds had been tendered. The figures are unchanged from Aug. 29, the original expiration date.
Holders are being offered $76 per preferred.
United Energy began the offer on Aug. 4 as part of its investment agreement with Transmeridian announced on June 11.
United Energy has reached an agreement with some holders of the preferreds to acquire 83% of the senior preferreds and 74% of the junior preferreds. The tender offer is being made to acquire additional preferreds.
The tender offer 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's concurrent exchange offer and consent solicitation for its 12% senior secured notes due 2010.
Transmeridian announced on Oct. 8 that the minimum participation threshold had been met in the exchange offer for the 12% notes and that it received the needed consents.
Citigroup Global Markets Inc. (800 558-3745) is dealer manager for the tender offer for the preferreds.
Transmeridian is a Houston-based independent energy company.
United Energy is an investment holding company based in Hong Kong.
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