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: email@example.com) is acting as Tender Agent.
Company's LEI Number: 2138007Z66OO4XWKM819
Hurricane Energy plc
Antony Maris, Chief Executive Officer
+44 (0)1483 862 820
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Stifel Nicolaus Europe Limited
Sole Dealer Manager, Nominated Adviser & Joint Corporate Broker
+44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Jarrett Silver
+44 (0)20 7597 5970
Patrick d'Ancona / Ben Simons
+44 (0)20 7390 0230
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.