Hurricane Energy buys back $28.5m in convertible bonds

Antony Maris

The Surrey-based company, which focuses on the west of Shetland, acquired the bonds from Stifel Nicolaus Europe Limited and they will now be surrendered for cancellation.

Combined with another convertible bond repurchase earlier this month, Hurricane will have reduced its aggregate principal amount of the bonds outstanding to $108,507,000.

Antony Maris, CEO of Hurricane, said: “The net savings from the bond repurchases over the past week have been of significant benefit to the company. We will continue to take advantage of the volatility in the oil price and the economic indicators, and any inbound offers from the holders of the bonds, to reduce further our outstanding debt, whilst maintaining an appropriate cash position.

“While bridging any funding gap for the repayment of the bonds remains a challenge, we will continue to look at all the options available to us to meet our debt repayment obligations and maximise the value of our assets.”