Plains Exploration accepts early tenders for 87% of 7¾% notes

By Jennifer Chiou

New York, Dec. 1 - Plains Exploration & Production Co. announced that it accepted all early tenders for $521,758,000, or 87%, of its $600 million of 7¾% senior notes due 2015 in the offer for any and all of the notes.

The company is also offering to purchase up to $400 million of its 7% senior notes due 2017. It previously said that it plans to increase the cap for the 7% notes to $500 million after it receives an amendment of its senior revolving credit facility from its lenders.

The offers will expire at 5 p.m. ET on Dec. 15. They began on Nov. 16.

For each $1,000 in principal amount, the payment is $1,041.25 for the 7¾% notes and $1,045.00 for the 7% notes. These amounts include an early tender premium of $10.00 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Nov. 30, the early tender time.

The company said it will also pay accrued interest up to but excluding the payment date.

The dealer manager and solicitation agent is J.P. Morgan Securities LLC (800 245-8812 or 212 270-9153). The information agent is MacKenzie Partners, Inc. (212 929-5500).

Plains Exploration & Production is an independent oil and gas company based in Houston.

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