North American Energy wraps consent solicitation for 9 1/8% notes

By Toni Weeks

San Luis Obispo, Calif., Oct. 17 - North American Energy Partners Inc. executed a second supplemental trust indenture to amend its C$75 million of outstanding 9 1/8% series 1 senior debentures due 2017, according to a company news release and 6-K filing with the Securities and Exchange Commission.

Valid consents representing C$71,151,000, or about 94.9%, of the outstanding notes were delivered by 5 p.m. ET on Oct. 9, considerably more than the two-thirds approval needed to amend the notes.

The company reported that with the execution of the supplemental indenture, it will pay the C$1.5 million consent fee on a pro-rata basis to holders who provided consents. The consent fee will equal about C$21.08 per C$1,000 principal amount of notes.

As previously reported, the amendment will allow the company to make restricted payments in an aggregate amount of up to C$30 million.

CIBC World Markets Inc. (416 594-8515 collect) was the solicitation agent. Georgeson Shareholder Communications Canada Inc. (866 676-3008 or askus@georgeson.com) was the information agent.

North American Energy is an Edmonton, Alta.-based provider of heavy construction, mining, piling and pipeline services.

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