Tulsa’s Unit Corporation announced on Monday that it has extended again the expiration date of a previous offering of senior notes in a continued effort to raise money.
The latest extension applies to 6.625%b Senior Subordinated notes due 2021 which can be exchanged for newly issued 10.000% Senior secured notes due 2024 and 7.000% Junior secured notes due 2025.
The previous offering was to have ended on Jan. 31 but now the company says the expiration date will be Monday, March 30, unless further extended.
Accordingly, holders who tender their Old Notes prior to such time will receive the Early Exchange Consideration, which means for each $1,000 principal amount of Old Notes validly tendered prior to the Expiration Date, either $735 principal amount of Senior Secured Notes or $1,000 principal amount of the Junior Secured Notes, depending upon the election of the holder.
Source: Business Wire