By Marisa Wong
Los Angeles, Dec. 1 – India-focused Indus Gas Ltd. announced results of its Nov. 21 exchange offer for its $150 million 8% senior notes due December 2022 (ISIN: XS1734080648).
All $150 million of the existing notes have been tendered for exchange for $150 million of new 8% senior notes due Nov. 30, 2027 (ISIN: XS2560106150), according to a notice on Thursday.
The exchange offer expired on Nov. 28, and settlement occurred on Nov. 30.
The company also conducted a concurrent offering to sell additional new 8% notes due 2027 with the same terms as the new notes issued under the exchange offer. The company raised $10 million from the concurrent new money issuance, bringing the total amount of the series to $160 million.
As previously reported, the new Regulation S notes are callable at par and putable upon a change of control.
Listed guarantors are iServices Investments Ltd. and Newbury Oil Co. Ltd.
Indus Gas is an oil and gas exploration and development company with assets in India. It is based in St. Peter Port, Guernsey, with an office in London.
New notes
| Issuer: | Indus Gas Ltd.
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| Guarantors: | iServices Investments Ltd. and Newbury Oil Co. Ltd.
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| Amount: | $160 million (including $150 million issued under exchange offer)
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| Issue: | Senior notes
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| Maturity: | Nov. 30, 2027
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| Coupon: | 8%
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| Call option: | At par
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| Put option: | Upon change of control
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| Settlement date: | Nov. 30
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| Listing: | Singapore
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| Distribution: | Regulation S
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| ISIN: | XS2560106150
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