TIDMAFR
RNS Number : 5689O
Afren PLC
29 May 2015
THIS ANNOUNCEMENT IS NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND
INVESTORS MUST ONLY SUBSCRIBE FOR OR PURCHASE ANY SECURITIES
REFERRED TO IN THIS ANNOUNCEMENT ON THE BASIS OF THE INFORMATION
CONTAINED IN A PROSPECTUS AND NOT IN RELIANCE ON ANY INFORMATION IN
THIS ANNOUNCEMENT.
Final Amount of the New Senior Notes
London, 29 May 2015
Afren plc ("Afren", the "Company" or the "Group"), (LSE: AFR)
announces that, further to its announcement of 30 April 2015,
holders of the Company's 2016 Notes, 2019 Notes and 2020 Notes have
agreed to subscribe for further New Senior Notes up to the maximum
level permitted of US$369 million. This will result in the Group
receiving an additional US$93 million in net cash proceeds compared
to the amount announced on 30 April 2015. The proceeds from the New
Senior Notes will be used to re-finance the interim funding
announced on 13 March 2015, fund the development of the Group's
core producing assets and for general working capital purposes. The
additional net cash proceeds will also be applied to provide
additional working capital and fund lower risk developments with
strong return potential.
The increase in the size of the New Senior Notes will not result
in any additional dilution to shareholders under the
recapitalisation as compared to the position announced on 13 March
2015.
Further details regarding the recapitalisation will be announced
in due course.
For further information contact:
Afren plc Tel: +44 20 7864 3700
Alan Linn, Chief Executive Officer
Bell Pottinger (public relations adviser Tel: +44 20 3772 2500
to Afren plc)
Gavin Davis
Henry Lerwill
Notes
This announcement is for information purposes only and does not
constitute an invitation or offer to buy, sell, issue, underwrite,
acquire or subscribe for, or the solicitation of an offer to buy,
sell, issue, acquire or subscribe for any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. Any failure to
comply with these restrictions may constitute a violation of the
securities laws of such jurisdictions.
In particular, this announcement does not constitute or form
part of any offer to buy, sell, issue, acquire or subscribe for, or
the solicitation of an offer to buy, sell, issue, acquire, or
subscribe for, any securities in Australia, Canada, Japan, the
Republic of South Africa or any other jurisdiction into which such
offer or solicitation would be unlawful. No public offering of the
securities referred to herein is being made in the United Kingdom,
Australia, Canada, Japan, the Republic of South Africa or any other
jurisdiction.
This announcement is not an offer of securities for sale in the
United States. The securities referred to above have not been, and
will not be, registered under the United States Securities Act of
1933, as amended (the "US Securities Act"), and may not be offered
or sold in the United States absent registration or an exemption
from registration as provided in the US Securities Act and the
rules and regulations thereunder. There has not been and will not
be a public offer of the securities in the United States.
The distribution of this announcement in certain jurisdictions
may be restricted by law. No action has been taken that would
permit an offering of any securities or possession or distribution
of this announcement or any other offering or publicity material
relating to such securities in any jurisdiction where action for
that purpose is required. Persons into whose possession this
announcement comes are required to inform themselves about, and to
observe, such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
any such jurisdiction.
Disclaimer and cautionary note on forward looking statements and
notes on certain other matters
Certain statements in this announcement are not historical facts
and are or are deemed to be "forward-looking". The Company's
prospects, plans, financial position and business strategy, and
statements pertaining to the capital resources, future expenditure
for development projects and results of operations, may constitute
forward-looking statements. In addition, forward-looking statements
generally can be identified by the use of forward-looking
terminology including, but not limited to; "may", "expect",
"intend", "estimate", "anticipate", "plan", "foresee", "will",
"could", "may", "might", "believe" or "continue" or the negatives
of these terms or variations of them or similar terminology.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct.
These forward-looking statements involve a number of risks,
uncertainties and other facts that may cause actual results to be
materially different from those expressed or implied in these
forward-looking statements because they relate to events and depend
on circumstances that may or may not occur in the future and may be
beyond Afren's ability to control or predict. Forward-looking
statements are not guarantees of future performances.
Factors, risks and uncertainties that could cause actual
outcomes and results to be materially different from those
projected include, but are not limited to, the following: risks
relating to changes in political, economic and social conditions in
the countries in which Afren operates; future prices and demand for
the Company's products; global oil production; trends in the oil
& gas industry and domestic and international oil & gas
market conditions; risks in oil & gas operations; future
expansion plans and capital expenditures; the Company's
relationship with, and conditions affecting, the Company's partners
and regulators; competition; weather conditions or catastrophic
damage; risks relating to law, regulations and taxation in the
countries in which Afren operates, including laws, regulations,
decrees and decisions governing the oil & gas industry, the
environment and currency and exchange controls and their official
interpretation by governmental and other regulatory bodies and by
the courts; and risks relating to global economic conditions and
the global economic environment. Additional risk factors are as
described in the Company's annual report.
Forward-looking statements are made only as of the date of this
announcement. The Company expressly disclaims any obligation or
undertaking to release, publicly or otherwise, any updates or
revisions to any forward-looking statement contained in this
announcement to reflect any change in its expectations or any
change in events, conditions, assumptions or circumstances on which
any such statement is based unless so required by applicable
law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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