El Paso gets $348.17 million early tenders in 12% notes exchange offer

By Jennifer Chiou

New York, Sept. 24 - El Paso Corp. announced the receipt of early tenders for $348,173,000 of its 12% senior notes due 2013 in the one-for-one exchange offer for new 6½% senior notes due Sept. 15, 2020.

As already reported, holders will also receive up to $220 in cash per note in addition to the new notes. The cash amount includes an early exchange premium of $30 for notes tendered by 5 p.m. ET on Sept. 23, the early exchange date.

The exchange offer will expire at 11:59 p.m. ET on Oct. 7.

Early settlement was slated for Sept. 24.

As previously reported, the final settlement date is expected to be Oct. 8 for those who tender after the early deadline but before the expiration date.

The exchange offer is only being made to noteholders who are qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933 or who are not U.S. persons as defined under Regulation S under the Securities Act.

The exchange offer is conditioned upon the receipt of tenders for at least $300 million principal amount of notes by the early exchange date.

Credit Suisse is the dealer manager with Citi and Goldman, Sachs & Co. as joint dealer managers.

Eligible noteholders can contact Global Bondholder Services Corp. (866 873-5600 or, for banks and brokers, 212 430-3774), the information agent for the exchange offer.

The El Paso-based issuer provides natural gas and related energy products.

© 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.