Parallel Petroleum starts change-of-control offer for 10¼% notes

By Jennifer Chiou

New York, Oct. 30 - Parallel Petroleum Corp. announced the beginning of a change-of-control offer for all $150 million of its 10¼% senior notes due 2014.

On Thursday, Apollo Global Management, LLC subsidiaries PLLL Holdings, LLC and PLLL Acquisition Co. completed their $3.15-per-share cash tender offer for the outstanding shares of Parallel. A total of 36,390,826 shares were validly tendered during the initial offering period and subsequent offering period, representing 87.38% of Parallel Petroleum's outstanding shares.

Under the note indenture, a change of control occurred as a result of the purchase of more than 50% of Parallel's outstanding shares.

The company will pay 101% of par plus accrued interest.

The offer will end at 5 p.m. ET on Dec. 1. Settlement is slated for Dec. 2.

Wells Fargo Bank, NA is the depositary (800 344-5128), and Laurel Hill Advisory Group is the information agent (888 742-1305).

Parallel is an independent energy company based in Midland, Texas.

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