(Hunt Oil, 2.May.2022) — Hunt Oil Company of Peru L.L.C., Sucursal del Perú (HOCP) received the consents necessary to effect the Amendments to the indenture governing 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. Following the scheduled repayment of 4.2% of the Original Principal Amount on 1 December 2021, as of 5:00 p.m., New York City time, on 15 April 2022 (the “Record Date”), US$574,800,000 in principal amount of the Notes remained Outstanding.
The Amendments, once effective, will modify the Indenture related to the incurrence of indebtedness to permit (i) an increase in a working capital facility from US$30mn 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 “Amendments”).
Full details of the terms and conditions of the consent solicitation, including the Amendments, were included in the consent solicitation statement, dated 18 April 2022.
HOCP received the consents of holders of at least a majority of the aggregate principal amount of the Notes on or prior to 11:59 p.m., New York City time, on 29 April 2022 (the “Expiration Date”). As a result, HOCP and Citibank, N.A., as trustee, registrar, paying agent and transfer agent, have entered into the supplemental indenture, dated as of 29 April 2022, which effects the Amendments (the “Supplemental Indenture”). The Amendments will become operative upon payment of the Consent Payment.
HOCP will make or cause to be made to each consenting holder of record as of the Record Date who validly delivered its consent prior to the Expiration Date 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). The Consent Payment is expected to be paid no later than on 9 May 2022.
HOCP 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.
No Offer or Solicitation
This press release is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any Notes or any other securities. This press release is also not a solicitation of consents with respect to the Amendments or any securities. The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or “blue sky” laws.