Unit Corporation Announces Extension of Early Tender Date of Exchange Offer
November 26 2019 - 8:27AM
Business Wire
Unit Corporation (NYSE: UNT) (the “Company” or “Unit”) announced
that it has extended the Early Tender Date for its previously
announced offer to exchange (the “Exchange Offer”) any and all of
its outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP
No. 909218AB5 / ISIN US909218AB56) (the “Old Notes”) for newly
issued 10.000% Senior Secured Notes due 2024 (the “Senior Secured
Notes”) and 7.000% Junior Secured Notes due 2025 (the “Junior
Secured Notes”), upon the terms and conditions set forth in the
prospectus relating to the Exchange Offer (the “Prospectus”)
included in Amendment No. 1 to the Registration Statement filed
with the Securities and Exchange Commission (the “Registration
Statement”).
Extension of the Early Tender Date
The Company is extending the Early Tender Date of the Exchange
Offer. The Early Tender Date was previously 5:00 P.M., New York
City time, on Monday, November 25, 2019 and will now be 5:00 P.M.,
New York City time, on Friday, November 29, 2019, unless further
extended. All references to the Early Tender Date in the Prospectus
are hereby amended such that the Early Tender Date will be 5:00
P.M., New York City time, on Friday, November 29, 2019.
Accordingly, holders who tender their Old Notes prior to such time
will receive the Early Exchange Consideration. Other than the
extension of the Early Tender Date described herein, the terms and
conditions of the Exchange Offer remain as set forth in the
original prospectus. The Consent Revocation Deadline expired at
5:00 P.M., New York City time, on November 25, 2019. Accordingly,
consents to the Proposed Amendments can no longer be revoked.
As of 5:00 P.M., New York City time, on November 25, 2019,
approximately $160 million of Old Notes had been tendered in the
Exchange Offer.
The Company will pay a soliciting dealer fee equal to $2.50 for
each $1,000 principal amount of Old Notes validly tendered for
exchange and not validly withdrawn under the Exchange Offer to
retail brokers that are appropriately designated by their clients
to receive this fee; provided that such fee will only be paid with
respect to the first $200,000 aggregate principal amount of Old
Notes exchanged by an individual beneficial holder.
BofA Securities is acting as dealer manager in connection with
the proposed Exchange Offer and Consent Solicitation. Holders of
the Old Notes may contact BofA Securities toll-free at (888)
292-0070 or collect at (980) 388-4813 with questions they may have
regarding the Exchange Offer. Global Bondholder Services
Corporation is serving as information and exchange agent for the
proposed Exchange Offer and Consent Solicitation. You should direct
questions, requests for assistance and requests for copies of the
prospectus to the agent at (212) 430-3774 (for banks and brokers)
or (866)-470-4200 (toll free) (all others) or
contact@gbsc-usa.com.
Important Information about the
Exchange Offer
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
security.
Security holders are strongly urged to carefully review the
Registration Statement, the prospectus and the other related
documents and materials filed with the Securities and Exchange
Commission (the “SEC”), including the prospectus, and any
amendments and supplements thereto because they will contain
important information about Unit and the Exchange Offer and the
Consent Solicitation and are the sole means by which any offer to
exchange or any solicitation of any such offer will be made.
Investors and security holders may obtain a free copy of the
Registration Statement, the prospectus and related materials, and
other documents filed by Unit with the SEC, at the SEC’s website,
www.sec.gov. Free copies of Unit’s filings with the SEC have been
made available on Unit’s website, http://www.unitcorp.com.
A Registration Statement relating to these securities has
been filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted before
the Registration Statement becomes effective.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act. All
statements, other than statements of historical facts, included in
this release that address activities, events, or developments that
Unit expects, believes, or anticipates will or may occur are
forward-looking statements. Several risks and uncertainties could
cause actual results to differ materially from these statements,
including factors described occasionally in Unit’s publicly
available SEC reports. Unit assumes no obligation to update
publicly such forward-looking statements, whether because of new
information, future events, or otherwise.
Unit Corporation is a Tulsa-based, publicly held energy company
engaged through its subsidiaries in oil and gas exploration,
production, contract drilling and natural gas gathering and
processing. Unit’s Common Stock is listed on the New York Stock
Exchange under the symbol UNT. For more information about Unit
Corporation, visit its website at http://www.unitcorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191126005485/en/
Michael D. Earl Vice President, Investor Relations (918)
493-7700 www.unitcorp.com
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