Finance - buy Backs
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.
D.F. King & Co. Inc.is the information agent and tender agent, and HSBC Securities (USA) Inc. and UBS Securities LLC are dealer managers.
Chesapeake completed another bond swap last year when it offered debtholders secured bonds paying 8% interest for unsecured bonds maturing between 2017 and 2023, Reuters reported.
Offer’s fulfillment is conditional on valid tenders and accession of all participating noteholders to ARU’s junior secured term credit agreement, and entry into a subscription agreement regarding the new notes.
Georgeson Inc. is the information agent and American Stock Transfer & Trust Co. LLC is the exchange agent. The offers will expire on Feb. 24.
Eligible holders of outstanding 6.375% senior subordinated notes due 2021, 5.5 notes due 2022 and 4.625% notes due 2023 would have exchanged for new 7.5% notes due May 15, 2022.
The offer will now expire on Jan. 27, and all other terms remain unchanged. The company said that on Jan. 20, about $399 million in unregistered notes had been tendered.