Final results of tender offer for Senior Secured Notes due 2018 and 2020
(i) As at the Expiration Time (10:00 p.m., London time, 5:00 p.m., New York time on 8 May 2015), the aggregate principal amount of the 2018 Notes and 2020 Notes validly tendered and accepted for purchase pursuant to the Offer was U.S.$128,903,000 and U.S.$91,154,000, respectively (U.S.$220,057,000 in aggregate principal amount of both issues of Notes).
(ii) The Company has, pursuant to the terms of the Offer, designated Fesco Dry Bulk Carriers Limited as the sole Purchaser of the Notes.
(iii) The Clearing Premium of both the 2018 Notes and 2020 Notes is U.S.$100.
(iv) The Total Consideration for eachU.S. $1,000 in principal amount of the 2018 Notes is U.S.$510 and for each U.S.$1,000 in principal amount of the 2020 Notes is U.S.$500.
(v) The Tender Offer Considerationfor each U.S. $1,000 in principal amount of the 2018 Notes is U.S.$460 and for each U.S. $1,000 in principal amount of the 2020 Notes is U.S.$450.
(vi) Tenders of the 2018 Notes and 2020 Notes have been accepted in full without
Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Offer Materials.
The expected settlement date for the Offer is 14 May 2015.
Holders of Notes who validly tendered and did not withdraw their Notes before the Early Tender Time will receive the Total Consideration (as defined in the Offer Materials) on the Settlement Date.
Holders who tendered their Notes after the Early Tender Time will receive the Tender Offer Consideration (as defined in the Offer Materials) on the Settlement Date.
Subject to the conditions set out in the Offer Materials, the Company will pay to holders of Notes in cash on the Settlement Date (i) the Total Consideration or the Tender Offer Consideration, asapplicable, and (ii) Accrued Interest.
The Offer has now expired and no further Notes can be tendered for purchase pursuant to the Offer.
Notes that have not been tendered and accepted for purchase by the Company pursuant to the Offer will remain outstanding and will remain subject to the terms and conditions of such Notes. Any Notes not accepted for purchase for whatever reason will be promptly returned or unblocked in the relevant Clearing System.
FESCO Transportation Group on 31 March 2015 launched, and on 7 April, 20 April and 5 May 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 and U.S.$325,000,000 8.75% Senior Secured Notes due 2020, each issued by Far East Capital Limited
For any further information regarding the Offer, please contact:
(i) Requests for documents may be directed to the Tender Agent,
(ii) Questions regarding the Offer may be directed to the Dealer Manager, at +44 20 7677 5040 outside the U.S. and at (800) 624–1808 (toll free) or (212) 761–1057 (collect) in the U.S or by emailing firstname.lastname@example.org.
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