Parallel buys all $150 million 10¼% notes due 2014 in tender offer

By Devika Patel

Knoxville, Tenn., Dec. 2 - Parallel Petroleum Corp. said it purchased all $150 million of its 10¼% senior notes due 2014 in a change-of-control offer.

The offer expired at 5 p.m. ET on Dec. 1, and the company purchased the notes at 101% of par plus accrued interest.

On Oct. 29, Apollo Global Management, LLC subsidiaries PLLL Holdings, LLC and PLLL Acquisition Co. completed their $3.15-per-share cash tender offer for the outstanding shares of Parallel. A total of 36,390,826 shares were validly tendered during the initial offering period and subsequent offering period, representing 87.38% of Parallel's outstanding shares.

Under the note indenture, a change of control occurred as a result of the purchase of more than 50% of Parallel's outstanding shares.

Parallel is an independent energy company based in Midland, Texas.

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