Finance - Buybacks
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.
The exchange offer for 9.25% senior notes due 2023 will expire on Feb. 11, unless extended, Jones said. Wells Fargo Bank NA is the exchange agent.
The shares will be repurchased through privately negotiated transactions, and purchases may be made through Dec. 31, 2016.
The Calgary, Alberta-based company said it plans to purchase for cancellation up to about 6.6 million of its shares pursuant to private agreements between itself and an arm's-length third-party seller.
On Nov. 16, holders of about $624.8 million, or 99%, of the outstanding second-lien notes had tendered them for exchange.
Repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. Program will run through June 30, 2016
The units’ par value is $1,000 each. The tender offer expires Dec. 10 unless extended, the company added. Tenders must be made on or before the expiration.