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Energy Partners accepts tenders for 96% of 8¾% notes before deadline
By Jennifer Chiou
New York, April 24 - Energy Partners Ltd. announced that it accepted tenders from holders of $143.4 million, or about 96%, of its 8¾% senior notes due 2010.
The securities were tendered by the consent deadline of 5 p.m. ET on April 9.
The tender offer will end at 5 p.m. ET on May 3. The offer was previously set to expire at midnight ET on April 20.
Consents from holders of a majority of notes previously allowed the company to amend the note indenture to eliminate substantially all the restrictive covenants and some events of default. The company has executed the supplemental indenture.
For each $1,000 principal amount of notes, the company said it paid the present value of $1,043.75, the redemption price for the notes on Aug. 1 - the notes' first call date - discounted using the 3 7/8% Treasury note due July 31, 2007 plus a fixed spread of 50 basis points.
Settlement of the offer is conditioned on the closing of the company's equity self-tender offer, completion of sufficient financing as well as the receipt of consents from holders of a majority of notes. Based on preliminary results, the company said that 38,988,994 shares, or about 97%, of its outstanding shares were tendered. Energy Partners noted that it expects to purchase 8.7 million shares on a pro rata basis.
Banc of America Securities LLC is the dealer manager (contact High Yield Special Products at 888 292-0070 or call collect 704 388-9217). Mackenzie Partners, Inc. is the information agent and depositary (800 322-2885 or call collect 212 929-5500).
Energy Partners is a New Orleans-based oil and natural gas exploration and production company.
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