FESCO announces extension of the offer period for its cash tender offer for debt securities
Far-Eastern Shipping Company PLC on 31 March 2015 launched, and on 7 April 2015 amended, a cash tender offer for up to U.S.$85,000,000 (subsequently further amended on 20 April 2015 to up to $130,000,000) in consideration for any validly tendered and accepted U.S.$550,000,000 8.00% Senior Secured Notes due 2018 (the «2018 Notes») and U.S.$325,000,000 8.75% Senior Secured Notes due 2020 (the «2020 Notes» and, together with the 2018 Notes, the «Notes»), each issued by Far East Capital Limited S. A.
The Offer is made pursuant to an Offer to Purchase dated 31 March 2015 and announcements, dated 7 April 2015 and 20 April 2015, amending the original Offer(together, «Offer Materials») which, together, set out a comprehensive description of the terms of the Offer.
The Company informs the Noteholders that as at 10.00 p.m., London time / 5:00 p.m., New York time on 1 May 2015, the aggregate principal amount of the 2018 Notes and 2020 Notes validly tendered pursuant to the Offer was U.S.$128,653,000 and U.S.$88,854,000, respectively (U.S.$217,507,000 in aggregate principal amount of both issues of Notes).
Subject to the right of the Company, at its sole discretion, to amend, extend, re-openand/or terminate the Offer, the Company hereby extends the Offer Period so that the Expiration Time will be 10.00 p.m., London time (5:00 p.m., New York time), on 8 May2015. The announcement of final results of the Offer will be made on 11 May 2015. The Settlement Date is expected to be 13 May 2015. All other dates remain as per the expected timetable in the Offer to Purchase, as amended.
