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)

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