Oklahoma City’s Gulfport Energy Corporation announced the final results and expiration of the previously announced cash tender offer by Gulfport Energy Operating Corporation, a wholly owned subsidiary of Gulfport, to purchase any and all of the outstanding 8.0% Senior Notes due 2026 of Gulfport Operating.
As of 5:00 p.m.on Monday, New York City time, the expiration time for the Tender Offer, Gulfport Operating had received tenders for an aggregate principal amount of $524,297,331 of the outstanding Notes, or 95.33% of the aggregate principal amount of the Notes outstanding. These amounts exclude $620,500 aggregate principal amount of the Notes that remain subject to the guaranteed delivery procedures described in the Offer to Purchase and the Notice of Guaranteed Delivery (each as defined below).
The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase, dated September 3, 2024 (the “Offer to Purchase”), and the related notice of guaranteed delivery for the Tender Offer (the “Notice of Guaranteed Delivery”).
In accordance with the terms of the Tender Offer, Gulfport Operating will pay the purchase price for the Notes validly tendered prior to the Expiration Time or pursuant to the Notice of Guaranteed Delivery on September 13, 2024. The Purchase Price to be paid for the Notes is $1,023.35 for each $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Tender Offer, plus accrued and unpaid interest on the Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the Settlement Date.
Gulfport Operating intends to use a portion of the net proceeds from the Debt Financing to fund the Tender Offer and to redeem the remaining Notes on or prior to May 17, 2025, the par call date for the Notes, at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date. This press release does not constitute a notice of redemption for the Notes.
Gulfport Operating has retained J.P. Morgan Securities LLC to serve as the exclusive Dealer Manager for the Tender Offer.
Source: press release