Finance - Buybacks
The bonds, which include notes maturing in Jan. 2019, March 2019, April 2019, Jan. 2020 and March 2020, have almost $10 billion outstanding worth of securities, Reuters reported.
Scotia Capital Inc. is the sole dealer manager and solicitation agent. Kingsdale Shareholder Services is the information agent and Computershare Investor Services Inc. is the depositary.
The tenders will be funded through the net proceeds from previously completed asset sales and financing transactions, and will reduce outstanding debt.
The consent solicitation will expire on August 9 and the tender offer will expire on Aug. 23.
Credit Suisse Securities (USA) LLC and Mitsubishi UFJ Securities (USA) Inc. are the lead dealer managers, and D.F. King & Co. Inc. is retained as the tender agent and information agent.
Bill Barrett reduced the principal amount of the nearest term notes by 21% and net debt by 12%, noting that about $6.5million in annual interest will be saved.
Ronald E. Smith, CEO, said the company is undervalued due to the current low oil price, but the company’s balance sheet is very strong, and operations should likely improve with its strong backlog.
The tender offer will expire April 29. Citigroup Global Markets Inc. is the dealer manager, and the information agent and tender agent is Global Bondholder Services Corp.
Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are dealer managers, and the information agent and tender agent is D.F. King & Co. Inc.
The ASR arrangement enabled repurchases under the $1.25 billion stock repurchase program. In all, 35.1 million shares priced at $21.36 each were retired.
The tender offer is scheduled to expire May 5, and the early tender date is April 21. Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the dealer managers.
ION Geophysical will pay the $1,000 principal amount of its new 9.125% second priority notes due 2021 for each $1,000 principal amount of notes validly tendered for exchange.