Hunt Oil Co. of Peru Announces Consent Solicitation for Its 6.375% Notes

Instant Max AI

(Hunt Oil, 18.Apr.2022) — Hunt Oil Company of Peru L.L.C., Sucursal del Perú (HOCP) commenced a consent solicitation with respect to its 6.375% Trust Enhanced Senior Notes due 2028 (CUSIP Nos.: Rule 144A: 445640 AB1, Regulation S: P5300P AB9), (ISINs: Rule 144A: US445640AB18, Regulation S: USP5300PAB96). The Notes were originally issued in an aggregate principal amount of US$600,000,000 (the “Original Principal Amount”). 

Following the scheduled repayment of 4.2% of the Original Principal Amount on December 1, 2021, as of 5 p.m., New York City time, on April 15, 2022 (the “Record Date”), US$574,800,000 in principal amount of the Notes remained Outstanding (the “Outstanding Principal Amount”).

The purpose of the Consent Solicitation is to amend provisions of the indenture governing the Notes (the “Indenture”) related to the incurrence of indebtedness to permit (i) an increase in a working capital facility from US$30 million to up to US$100mn and (ii) the incurrence of debt not to exceed 5% of the consolidated net tangible assets of the Company calculated as of the date of such incurrence (the “Proposed Amendments”).

Full details of the terms and conditions of the Consent Solicitation, including the Proposed Amendments, are included in the consent solicitation statement, dated April 18, 2022.

Subject to receiving the requisite consents and satisfaction or waiver of all of the conditions to the Consent Solicitation, each holder of record as of the Record Date who validly delivers its consent prior to the Expiration Date (as defined below) will receive a cash payment of US$2.50 for each US$1,000 of the Original Principal Amount of Notes (which corresponds to approximately US$2.39 for each US$1,000 of the Outstanding Principal Amount of Notes). HOCP expects that the Consent Payment will be paid no later than 10 business days following the Expiration Date.

Adoption of the Proposed Amendments requires the consent of the holders of at least a majority of the aggregate principal amount of the Notes. In order to participate in the Consent Solicitation, a holder must deliver its consent in advance of the expiration time, which is 11:59 p.m., New York City time, on April 29, 2022 (as it may be amended or extended by HOCP, the “Expiration Date”).

Beneficial owners who wish to participate in the consent solicitation must promptly instruct their brokers, dealers, custodians or other intermediaries to deliver a consent on its behalf to the tabulation agent in accordance with The Depository Trust Company’s Automated Tender Offer Program’s procedures, in advance of the expiration time as such brokers, dealers, custodians or other intermediaries will require an earlier deadline to receive their instructions.

The Proposed Amendments will be effected through a supplemental indenture, to be executed promptly after receipt of the requisite consents. In connection with the Consent Solicitation, holders cannot revoke consents once delivered. The Proposed Amendments will become effective immediately upon execution of the supplemental indenture, but will not become operative until payment of the Consent Payment.

HOCP in its sole discretion may terminate the Consent Solicitation without the obligation to make any cash payment at any time, whether or not the requisite consents have been received, in which case the amendments will not become operative.

HOCP has engaged BofA Securities, Inc. to act as solicitation agent and Global Bondholder Services Corporation to act as the information and tabulation agent in connection with the Consent Solicitation. Additional information concerning the terms and conditions of the Consent Solicitation may be obtained from BofA Securities, Inc. by calling (646) 855 8988 (collect) or (888) 292-0070 (U.S. toll free). Requests for assistance in submitting consents or requests for additional copies of the consent solicitation statement and related documents should be directed to Global Bondholder Services Corporation by calling (212) 430-3774 (banks and brokers collect) or (855) 654-2014 (all others toll-free) or by email at contact@gbsc-usa.com.

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