On 19 July 2021, Anton Oilfield Services Group (3337.HK) successfully issued US$150 million 8.75% 3.5NC2.5 Senior Notes due 2025. Admiralty Harbour acted as Joint Dealer Manager for the Exchange Offer and Joint Global Coordinator and Joint Bookrunner for the Concurrent New Money Offering.
The US$150 million new notes consist of US$61,903,000 issued pursuant to the Exchange Offer for its outstanding US$289.9 million 7.5% senior notes due 2022 and US$88,097,000 issued pursuant to the Concurrent New Money Issuance.
The Exchange Offer is aimed to optimize the Company’s capital structure, splitting 2022 notes into two maturities, such that the flexibility of refinancing or repayment of the existing notes is significantly increased. After the completion of the transaction, the Company’s liquidity is improved, the holders of existing notes have money good notes in hand, and the holders of new notes can get decent return — a win-win-win liability management transaction is seen here. Anton, who has fully paid down past maturities even amid turbulent market conditions, is a repeated issuer and has established track record. This successful exchange offer and new issuance is another proof of its prudent financial management. Congratulations to Anton!