(Frontera, 7.Jun.2021) — Frontera Energy Corporation (TSX: FEC) is commencing a cash tender offer and consent solicitation for any and all of its outstanding 9.700% Senior Notes due 2023, upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated as of 7 June 2021 and the related letter of transmittal.
The Offer will expire at 11:59 p.m., Eastern time, on 2 July 2021, unless extended by the company. Settlement for all Notes tendered at or prior to 5:00 p.m. Eastern time, on 18 June 2021, unless extended by the company (the “Early Tender Date”) and not withdrawn prior to 5:00 p.m. Eastern time, on 18 June 2021, is expected to occur on or about 21 June 2021. Settlement for all Notes tendered after the Early Tender Date and at or prior to the Expiration Time will occur promptly following the Expiration Time.
Holders tendering their Notes will be required to consent to certain proposed amendments to the indenture governing the Notes. The proposed amendments include (i) the elimination of substantially all of the restrictive covenants and certain events of default and related provisions and (ii) the shortening of the minimum notice period for the optional redemption of the Notes by the company from 30 days to three business days (the “Proposed Amendments”).
The following table summarizes the material pricing terms for the Offer:
____________________
