Hurricane Energy PLC Notice of Repurchase of Convertible Bonds Due 2022 (2048V)
December 10 2021 - 1:00AM
UK Regulatory
TIDMHUR
RNS Number : 2048V
Hurricane Energy PLC
10 December 2021
10 December 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Notice of Repurchase of Hurricane's U.S.$230,000,000 7.50 per
cent. Convertible Bonds due 2022
Hurricane Energy plc, the UK based oil and gas company, is
pleased to announce that, following the convertible bond repurchase
announced on 8 December 2021, its subsidiary Hurricane GLA Limited
has completed the repurchase of an additional U.S.$28.5 million in
aggregate principal amount of the Company's U.S.$230,000,000 7.50
per cent. Convertible Bonds due 2022 (the "Bonds") (of which
U.S.$137,016,000 ( excluding the Bonds held by Hurricane GLA
Limited pending cancellation) in aggregate principal amount are
outstanding) for a total consideration of U.S.$27.3 million,
including accrued interest.
The Bonds were acquired from Stifel Nicolaus Europe Limited and
will be surrendered for cancellation. Following cancellation of all
purchased Bonds, the Company will have further reduced its
aggregate principal amount of the Bonds outstanding to
U.S.$108,507,000 and lead to a further net saving in debt repayment
and interest charges of U.S.$2.8 million.
The Company will continue to evaluate its liability management
options which may include further Bond repurchases from time to
time, subject to market conditions.
This notification does not constitute or form part of an offer
to sell or purchase, or a solicitation of an offer to sell or
purchase, the Bonds or any other securities.
Antony Maris, CEO of Hurricane, commented:
"The net savings from the Bond repurchases over the past week
have been of significant benefit to the Company. We will continue
to take advantage of the volatility in the oil price and the
economic indicators, and any inbound offers from the holders of the
Bonds, to reduce further our outstanding debt, whilst maintaining
an appropriate cash position. While bridging any funding gap for
the repayment of the Bonds remains a challenge, we will continue to
look at all the options available to us to meet our debt repayment
obligations and maximise the value of our assets."
Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer
communications@hurricaneenergy.com +44 (0)1483 862820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / Jason Grossman +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Jarrett Silver +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigoconsulting.com +44 (0)20 7390 0230
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster
field, the UK's first field to produce from a fractured basement
reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area
licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Inside Information
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.
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