REG - Zenith Energy Ltd - Successful Conclusion of Bond Exchange Offer

Zenith EnergyAnnouncement

23/07/2024 18:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240723:nRSW5399Xa&default-theme=true

RNS Number : 5399X  Zenith Energy Ltd  23 July 2024

July 23, 2024

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Successful Conclusion of Bond Exchange Offer

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the international
energy production and development company, is pleased to announce that the
final Bond Exchange Offer (the "Exchange"), announced on April 22, 2024, has
successfully concluded.

By way of background, the Exchange was preceded by a previous Bond Exchange
Offer, first announced on January 25, 2024, attracting significant support and
investor participation (collectively, the "Exchanges").

The Exchanges were directed to Noteholders (the "Noteholders") of the
following unsecured debt instruments that matured on January 27, 2024 (the
"Outstanding Notes"):

·        Euro 10.125% Notes due on 27 January 2024 (XS2108546735)

·        USD 10.300% Notes due on 27 January 2024 (XS2108546651)

·        GBP 10.375% Notes due on 27 January 2024 (XS2108546578)

The Noteholders, by way of the Exchange, were offered the opportunity to
exchange the Outstanding Notes for new notes (the "New Notes").

As confirmed in the regulatory news announcement published on April 22, 2024,
Zenith again appointed The Bank of New York Mellon ("BNYM") as Exchange Agent
to coordinate the distribution of the Exchange, specifically to liaise with
the clearing systems and manage the implementation of the Exchange.

Noteholders who accepted the Exchange have now received New Notes with the
following ISIN details provided by the BNYM ISIN Allocation Team, and issued
by Euroclear:

·       Euro 14.625% Notes due on 16 July 2026 (XS2835027595)

·       USD 14.800% Notes due on 16 July 2026 (XS2835726253)

·       GBP 14.875% Notes due on 16 July 2026 (XS2835726840)

The Company is pleased to confirm that the Exchange has now been implemented,
and the New Notes have settled in the accounts of the Noteholders who have
accepted the terms of the Exchange.

Zenith can also confirm that all accrued interest has been paid in full to the
Noteholders of the New Notes on the terms indicated in the Exchange Offer
Document provided to the Noteholders in connection with the Exchange.

 

Summary of Bond Exchange Offers

Following the successful conclusion of the last Exchange announced on April
22, 2024, following the completion of the preceding Exchange Offer first
announced on January 25, 2024, the Company is pleased to provide a general
summary indicating Noteholder participation across the Exchanges with
reference to each Outstanding Note matured on January 27, 2024:

 ·        Euro 10.125% Notes due on 27 January 2024 (XS2108546735)
                    88.26%
 ·        USD 10.125% Notes due on 27 January 2024 (XS2108546651)
                      84.59%
 ·        GBP 10.125% Notes due on 27 January
 2024 (XS2108546578)                    100.00%
 ·        CHF 10.000% Notes due on 27 January
 2024 (XS2108546818)                     100.00%
 Total average acceptance of the Exchanges across currencies:
                     88.24%

Those Noteholders, representing approximately 11.76% of the Outstanding Notes,
who have not participated in the Exchanges will receive settlement of the
Outstanding Notes and accrued interest by way of cash (the "Remaining
Outstanding Notes"). The Company will be coordinating the process and
determining the timeframe for settlement with BNYM, Zenith's appointed paying
agent, with a view to fully settling the Remaining Outstanding Notes and
accrued interest at a date in the near future to be communicated in a separate
announcement.

Andrea Cattaneo, Chief Executive Officer, commented:

"We are very pleased to have now concluded the second and final Exchange which
has clearly evidenced the interest amongst the significant majority of
Noteholders to exchange the Notes matured in January 2024 for New Notes issued
by the Company on improved terms.

The Company shall now look towards expeditiously settling the Remaining
Outstanding Notes, which represent a small minority, to ensure full compliance
and settlement of the Company's fixed-income debt instruments."

 

Further Information:

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer  Tel: +1 (587) 315 1279

                                            E:       info@zenithenergy.ca (mailto:info@zenithenergy.ca)

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market
(LSE: ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and
the Venture Market of the OTCQB (OTCQB: ZENAF).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

 

For more information, please visit:  www.zenithenergy.ca
(http://www.zenithenergy.ca)

Twitter: @zenithenergyltd

LinkedIn:  https://bit.ly/3A5PRJb (https://bit.ly/3A5PRJb)

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUORBRSWUBUAR