PetroQuest solicits consents to amend $200 million 10% notes due 2017

By Jennifer Chiou

New York, Sept. 20 - PetroQuest Energy, Inc. announced the start of its consent solicitation to amend the indenture of its $200 million of 10% senior notes due 2017.

According to a 424B3 filed with the Securities and Exchange Commission, the company is seeking consents to eliminate or amend substantially all of the restrictive covenants and modify certain of the events of default and various other provisions.

At the same time, the company is offering to exchange a like amount of new 10% senior notes due 2017 for the existing notes. The terms of the new notes are substantially identical to the terms of the old notes, except that the new notes are registered under the Securities Act and the transfer restrictions and registrations rights relating to the old notes will not apply to the new notes.

The offer and solicitation will end at 5 p.m. ET on Oct. 22.

The Lafayette, La.-based independent energy exploration and production company issued the original notes on July 3.

The Bank of New York Mellon Trust Co., NA is the exchange agent (315) 414-3349).

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