Another success in Admiralty Harbour and Anton’s long-term partnership
On 5 March 2020, Admiralty Harbour acted as a joint dealer manager to assist Anton Oil Services Group (3337.HK, “Anton” or the “Company“) successfully to have completed its Offer to Purchase for Cash of its Outstanding 9.75% Senior Notes due 2020 (the “2020 Notes”) (the “Tender Offer”).
This transaction is another success in Admiralty Harbour and Anton’s long-term partnership. Following Anton’s successful new issuance of its US$300 million 7.5% senior notes due 2022 in Q4 2019, the Company further seized the opportunity to optimize debt structure and lower borrowing cost by launching the Tender Offer capped at US$100 million last week. In light of the great uncertainty in both equity and credit markets, and the targeted Maximum Acceptance Amount of US$100 million, the purchase price was determined to be 101.875%. Upon expiry of the offer the Company was able to tender back US$102,737,000 of its 2020 Notes, a mere 2.7% more than the Maximum Acceptance Amount, the proximity of notes tendered to the Maximum Acceptance Amount is a testament to a successful pricing at deal launch.
Anton Oilfield Services Group is the world's leading integrated oilfield technology service company that provides clients with a full range of products and services for oil and gas development, with business throughout the world's major oil and gas production areas. Anton is an innovative company combined with the geological engineering and features production increase, cost reduction and integration.