TIDMHUR
RNS Number : 3402L
Hurricane Energy PLC
10 September 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO
ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS
TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN
ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA
ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT
OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINITED
IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE SECURITIES ACT)) OR IN ANY OTHER JURISDICTION OR TO ANY OTHER
PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.
10 September 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Final results of the tender offer for Hurricane's
U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022
Hurricane Energy plc and Hurricane GLA Limited (the Offeror)
announce today the final results of the Offeror's invitation to
holders of Hurricane's U.S.$230,000,000 7.50 per cent. Convertible
Bonds due 2022 bearing ISIN: XS1641462277 (the Bonds) (of which
U.S.$230,000,000 in aggregate principal amount are outstanding), to
tender their Bonds for purchase by the Offeror for cash (the
Offer).
The Offer was announced on 31 August 2021 and was made on the
terms and subject to the conditions set out in the tender offer
memorandum dated 31 August 2021 as amended on 6 September 2021 (the
Tender Offer Memorandum) prepared by the Offeror.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Tender Offer Memorandum.
Participation as at the Expiration Deadline
The Expiration Deadline of the Offer was at 4.00 p.m. (London
time) on 9 September 2021. As at the Expiration Deadline, the
Offeror had received valid Tender Instructions (including both
Non-Competitive Tender Instructions and Competitive Tender
Instructions) of U.S.$77,984,000 in aggregate principal amount of
the Bonds.
Results of the Offer
The Offeror now announces that the Final Acceptance Amount will
be U.S.$77,984,000 in aggregate principal amount of the Bonds.
The Purchase Price will be 78 per cent. of the principal amount
of the Bonds and the Offeror will also pay Accrued Interest as
described in the Tender Offer Memorandum.
The expected Settlement Date for the Offer is 15 September 2021.
Following settlement of the Offer and the cancellation of the Bonds
accepted for purchase, U.S.$152,016,000 in aggregate principal
amount of the Bonds will remain outstanding.
Antony Maris, Chief Executive Officer of Hurricane, commented:
"I am pleased that the Company has been able to buy back more than
33 per cent of the outstanding bonds. This will reduce the par
value of bonds held by third parties to U.S.$152 million, utilising
U.S.$62 million of net free cash (inclusive of accrued interest).
The effect of this will save the Company approximately U.S.$22
million of future obligations to bondholders in capital and
interest. This is a positive development for the Company in
managing its outstanding debt."
Stifel Nicolaus Europe Limited (Telephone: +44 (0)20 7663 3217;
Attention: Dhiren Suares; Email: SNELProjectHawk@stifel.com) is
acting as Sole Dealer Manager for the Offer and Lucid Issuer
Services Limited (Telephone: +44 (0)20 7704 0880; Attention: Harry
Ringrose; Email: hurricane@lucid-is.com ) is acting as Tender
Agent.
Company's LEI Number: 2138007Z66OO4XWKM819
-ends-
Further Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer +44 (0)1483 862
communications@hurricaneenergy.com 820
Stifel Nicolaus Europe Limited
Sole Dealer Manager, Nominated Adviser & Joint
Corporate Broker +44 (0)20 7710
Callum Stewart 7600
Investec Bank plc
Joint Corporate Broker +44 (0)20 7597
Chris Sim / Jarrett Silver 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons +44 (0)20 7390
hurricane@vigoconsulting.com 0230
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs. The Company's acreage is concentrated on the Rona
Ridge, in the West of Shetland region of the UK Continental
Shelf.
The Lancaster field (100% owned by Hurricane) is the UK's first
producing basement field. Hurricane has pursued a phased
development of Lancaster, initially starting with an Early
Production System consisting of two wells tied-back to the Aoka
Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11
May 2019 and the first oil milestone was achieved on 4 June
2019.
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln
and Warwick assets, committing to a phased work programme targeting
sanction of an initial stage of full field development.
Visit Hurricane's website at www.hurricaneenergy.com
This announcement is released by Hurricane Energy plc and
contains inside information under Regulation (EU) 596/2014 on
market abuse, as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018 (the UK MAR). For the purpose
of the UK MAR, this announcement is made by Antony Maris, Chief
Executive Officer at Hurricane Energy plc.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. The
distribution of this announcement and the Tender Offer Memorandum
in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement and/or the Tender Offer
Memorandum comes are required by each of the Offeror, Hurricane,
the Dealer Manager and the Tender Agent to inform themselves about,
and to observe, any such restrictions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
RTELKLLBFKLXBBE
(END) Dow Jones Newswires
September 10, 2021 02:00 ET (06:00 GMT)
Grafico Azioni Hurricane Energy (LSE:HUR)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Hurricane Energy (LSE:HUR)
Storico
Da Apr 2023 a Apr 2024