Hurricane Energy to Repurchase $78.0 Million of Bonds Due in 2022
September 10 2021 - 2:59AM
Dow Jones News
By Jaime Llinares Taboada
Hurricane Energy PLC said Friday that it has agreed to buy back
$78.0 million of its outstanding bonds maturing in 2022.
The oil-and-gas company, which had offered to purchase $230.0
million of convertible bonds, said the purchase price will be 78%
of the principal amount.
Chief Executive Antony Maris said Hurricane was able to buy back
more than 33% of its outstanding bonds, reducing the par value of
bonds held by third parties to $152 million and utilizing $62
million of net free cash.
"The effect of this will save the company approximately $22
million of future obligations to bondholders in capital and
interest. This is a positive development for the company in
managing its outstanding debt," Mr. Maris said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
September 10, 2021 02:44 ET (06:44 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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