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Copano Energy receives needed consents to amend 7 1/8% senior notes
By Marisa Wong
Madison, Wis., April 17 - Copano Energy, LLC said it received the necessary consents to amend the indenture governing its $510 million of outstanding 7 1/8% senior notes due 2021.
As of 5 p.m. ET on April 16, the expiration of the consent solicitation that began on March 28, holders of about $506 million principal amount, or 99%, of the outstanding notes consented to the proposed amendments.
Copano said it executed a supplemental indenture effecting the changes.
Consenting holders of record as of March 27 will receive a cash payment of $2.50 per $1,000 principal amount of notes. The consent fee was recently increased from $2.00 and, before that, from $0.30.
The consent solicitation was originally set to expire on April 8 but was extended to April 11 and then to April 16.
The solicitation relates to the company's previously announced merger with a subsidiary of Kinder Morgan Energy Partners, LP.
Kinder Morgan Energy Partners made a commitment to guarantee the notes, subject to receiving the needed consents, the satisfaction or waiver of other conditions to the consent solicitation and the completion of the proposed merger between Kinder Morgan and Copano, a prior news release said.
With Kinder Morgan guaranteeing the notes, the amendments allow the consolidated annual audited financial statements of Kinder Morgan and its subsidiaries, and the periodic and other reports filed by Kinder Morgan with the Securities and Exchange Commission, to satisfy the requirement of Copano to file with the SEC and to deliver to the trustee under the indenture periodic and other reports and consolidated annual audited financial statements.
The solicitation agent is BofA Merrill Lynch (888 292-0070 or 980 387-3907). The information agent and tabulation agent is D.F. King & Co., Inc. (888 887-0082 or, for banks and brokers, 212 269-5550).
Copano Energy is a midstream natural gas company based in Houston.
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