QEP launches change-of-control tender offers for four series of notes

By Angela McDaniels

Tacoma, Wash., July 12 - QEP Resources, Inc. has begun change-of-control tender offers for its 7½% senior notes due 2011, 6.05% senior notes due 2016, 6.8% senior notes due 2018 and 6.8% senior notes due 2020, according to a company news release.

The offers are required under the change-of-control provisions of the notes following the spinoff on June 30 of the company by parent Questar Corp. and the subsequent downgrade of QEP Resources' senior unsecured debt to below investment grade by Moody's Investors Service and Standard and Poor's.

The company is offering either 100% or 101% of par, as applicable under the terms of each series of notes, plus accrued interest up to the payment date, which is expected to be Aug. 11.

The offers will expire at 5 p.m. ET on Aug. 6.

Questions about the offer documents can be directed to QEP director of investor relations Scott Gutberlet at 303 672-6988. Requests for documents can be directed to Carl Mathis of Well Fargo Bank, NA, the information agent for the offers, at 801 246-5299 or carl.j.mathis@wellsfargo.com.

QEP Resources is a natural gas and oil exploration and production company based in Denver.

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