Unit Corporation backs out of note exchange offer

Tulsa’s Unit Corporation has decided to void its $300 million note exchange offer that had been announced earlier in the year.

In a weekend announcement, the company said it had terminated the offer to exchange any and all of its outstanding 6.625% Senior Subordinated notes due 2021.

The company said that since the exchange offer was terminated, the exchange consideration will not be paid or become payable to holders of the old notes who validly tendered the notes . The old notes, according to the announcement, will be promptly returned to the tendering holders. The firm also said the proposed amendments to the indenture governing the old notes will not become effective.

The company made the original note exchange offer in November 2019 and extended the deadline on four separate occasions, the last being made in early February, 2020.

Global Bondholder Services Corporation is serving as information and exchange agent for the proposed Exchange Offer and Consent Solicitation.

Source: Business Wire