Taqa North subsidiary PrimeWest Energy seeks consents to redeem 6.5% convertibles

By Laura Lutz

Des Moines, Feb. 22 - Taqa North Ltd. subsidiary PrimeWest Energy Trust is soliciting consents from holders to allow redemption of its 6.5% convertible unsecured subordinated series III debentures due Jan. 31, 2012, according to a news release.

The proposed amendments would allow PrimeWest to redeem the debentures, in whole or in part, for par plus accrued interest up to the redemption date.

The consent solicitation will expire at 5 p.m. ET on March 24.

PrimeWest said it plans to execute a supplemental indenture and redeem the notes on the first business day after the expiration date.

PrimeWest needs consents from holders of two-thirds of the outstanding debentures for the proposed amendments to become effective.

Holders of about $92,522,000, or 68.9%, of the outstanding debentures have already agreed to provide consents, PrimeWest said.

Consenting noteholders will receive a consent fee equal to $100 per $1,000 principal amount of notes.

Submitted consents may be revoked at any time before the expiration but not thereafter.

Taqa North is a Calgary, Alta.-based oil and gas exploration company.

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