Plains Exploration wraps change-of-control offers for 6 5/8%, 6 7/8%, 7 7/8% notes

By Jennifer Chiou

New York, Dec. 7 - Plains Exploration & Production Co. announced the close of the change-of-control offers for any and all of Pogo Producing Co. LLC's 6 5/8% senior subordinated notes due 2015, 6 7/8% senior subordinated notes due 2017 and 7 7/8% senior subordinated notes due 2013.

The company said it received tenders for all remaining 7 7/8% notes and none of the remaining 6 7/8% notes. The 6 5/8% notes were all previously tendered in another offer.

The company paid 101% plus accrued interest in the offer that ended at 5 p.m. ET on Dec. 7.

Plains Exploration acquired Pogo Producing Co. on Nov. 6, and the offers were a requirement of the transaction.

At the end of the previous tender offer that expired on Nov. 20, the company said it bought nearly all its $300 million of 6 5/8% notes, $500 million of 6 7/8% notes and $450 million of 7 7/8% notes. Specifically, 100% of the 6 5/8% notes were tendered while more than 99% of the 7 7/8% notes and 6 7/8% notes were tendered.

Pogo is a Houston-based natural gas production and exploration company.

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