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
|
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
Twitter: @zenithenergyltd
LinkedIn: https://bit.ly/3A5PRJb