Energy Partners to redeem its 20% PIK notes for $70.9 million in cash

By Susanna Moon

Chicago, June 17 - Energy Partners Ltd. plans to redeem all of its 20% senior subordinated secured pay-in-kind notes due 2014, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The company said it will pay par plus accrued interest to the redemption date of June 28. The total cash payment for the notes, including interest, will be about $70.9 million.

Funding for the purchase will come from cash on hand and some proceeds of a new term loan under the company's renewed senior secured credit facility to finance the redemption.

Energy Partners amended its senior secured credit facility on June 16, which provided lenders' consent to redeem the notes.

Energy Partners is a New Orleans-based oil and natural gas exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.