IGas tender pricing set for 10% notes at 75 by Dutch auction: Pareto

By Susanna Moon

Chicago, July 5 – The tender offer pricing for IGas Energy plc’s $165 million of 10% senior secured callable bonds due 2018 was set by Dutch auction at 75% of par.

The tender offer was made by Pareto Securities AS on behalf of a client not affiliated with IGas, as announced June 22.

The client decided to accept all tenders to and including the purchase price of 75, with settlement on July 12, according to a tender update.

Bonds tendered above 75 “are now free to trade,” the company added.

The Dutch auction tender offer ran until 8 a.m. ET on July 1, with the purchase price set by 11 a.m. ET on July 4 using a reverse bookbuilding through which sales offers were obtained from bondholders who wanted to tender their bonds in the offer.

Holders also will receive accrued interest.

The offer was only being made to bondholders or beneficial owners who are not U.S. persons under Regulation S and who are outside the United States.

IGas is a London-based onshore hydrocarbon producer, delivering natural gas and crude oil to Britain’s energy market.

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