Andong oil field service(03337) issued an announcement that, on July 6, 2021, the company began an exchange offer for existing notes held by non-US nationals outside the United States (7.5 per cent of the company's outstanding priority notes of $289.9 million due in 2022). The exchange offer is made in accordance with the terms set out in the Memorandum of Exchange offer and is subject to the conditions contained therein.
The company has appointed Nomura and Zhong Gang as the transaction managers of the exchange offer. The company has also commissioned D.F.KingLtd as the exchange agent for the information and exchange of the offer. For a detailed description of the terms and conditions of the exchange offer, please refer to the exchange memo for qualified holders.
In accordance with the terms contained in the Memorandum of Exchange offer and subject to its conditions, the Company is making an offer in exchange for existing notes with a total principal of up to $150 million held by eligible holders.
The maximum amount that the company will accept in exchange (submitted by the eligible holder) is US $150 million.
In addition, the company is conducting a separate simultaneous offering project to issue and sell additional new notes. The completion of simultaneous new capital issuance depends on market conditions. If simultaneous new capital issuance is implemented, the company will mainly use the net cash proceeds from simultaneous new capital issuance to optimize its debt structure and refinance existing debt, as well as for general corporate purposes.