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JKX Oil buys $6.4 million more convertibles, might restructure rest
By Susanna Moon
Chicago, Oct. 19 – JKX Oil & Gas plc said it bought back another $6.4 million of its remaining $22.4 million convertible bonds due in 2018.
JKX repurchased the notes at an average price of 94% of par plus accrued interest, “reducing the overall cost of finance,” according to a company notice.
The repurchased bonds will be canceled.
As a result of the buyback, the company “has avoided associated interest and redemption costs of [$900,000] that would have been incurred through to the first available bondholder put option in February 2017,” the release noted.
After the repurchase, $16 million of the bonds remain outstanding and the company said it may repurchase more of the bonds and “continues to explore various options for restructuring the remaining bonds.”
JKX is an oil and gas exploration and production company in London.
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