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QEP Resources extends consent bid for 2022, 2023, 2026 notes
By Marisa Wong
Los Angeles, Dec. 4 – QEP Resources, Inc. announced it is extending the deadline for its solicitations of consents from holders of its $500 million 5 3/8% senior notes due 2022, $650 million 5¼% senior notes due 2023 and $500 million 5 5/8% senior notes due 2026.
The consent solicitations will now expire at 5 p.m. ET on Dec. 9, extended from 5 p.m. ET on Dec. 3.
QEP said it extended the deadline to give holders more opportunity to submit consents to the proposed amendments to the indentures governing the notes.
The issuer is offering a consent payment of $5.00 per $1,000 of notes.
As announced on Nov. 26, QEP is seeking to amend the limitation on liens covenant contained in the notes’ indentures.
Adoption of the proposed amendments with respect to the 2022 and 2023 notes requires the consent of holders of a majority of the outstanding aggregate principal amount of the 2022 and 2023 notes acting as a single class.
Adoption of the proposed amendments with respect to the 2026 notes requires the consent of holders of a majority of the outstanding aggregate principal amount of the 2026 notes.
In the event that the company receives the required consents on or prior to the expiration date, the company will pay the consent payment to the holders who delivered consents on or prior to the expiration date.
No accrued interest will be paid on the consent payment.
The company intends to fund the consent solicitations with cash on hand.
The joint solicitation agents are Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), MUFG (877 744-4532 or 212 405-7481) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756).
D.F. King & Co., Inc. (866 341-6292, 212 269-5550 or qep@dfking.com) is the information, tabulation and paying agent.
QEP Resources is a Denver-based oil and natural gas exploration and production company focused on the Northern Region, primarily in North Dakota, and the Southern Region, primarily in Texas.
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