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QEP Resources calls off consent bids for 2022, 2023, 2026 notes
By Wendy Van Sickle
Columbus, Ohio, Dec. 12 – QEP Resources, Inc. canceled 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, according to Thursday press release.
No consent payments will be paid, and the indentures governing the notes will not be amended.
The consent solicitations were due to expire at 5 p.m. ET on Dec. 12.
The solicitations had previously extended to 5 p.m. ET on Dec. 9 from 5 p.m. ET on Dec. 3.
The issuer offered a consent payment of $5.00 per $1,000 of notes.
As announced on Nov. 26, QEP was 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 required 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 required the consent of holders of a majority of the outstanding aggregate principal amount of the 2026 notes.
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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