CCS launches cash tender offer to purchase 11% senior notes due 2015

By Marisa Wong

Madison, Wis., June 13 - CCS Corp. announced that it began a cash tender offer to purchase any and all of its $312 million outstanding 11% senior notes due 2015.

The offer is scheduled to expire at 11:59 p.m. ET on July 11.

Holders who tender their notes before 5 p.m. ET on June 24, the early tender date, will receive the total consideration of $1,080 for each $1,000 principal amount of notes, which includes a $30 early tender premium.

Holders who tender their notes after the early tender date but before the expiration date will receive $1,050 per $1,000 of notes, which is equal to the total consideration less the early tender premium.

Holders will also receive accrued interest up to but excluding the purchase date.

Notes tendered may be withdrawn at any time prior to 5 p.m. ET on the early tender date.

The tender offer is subject to certain conditions, including the receipt of proceeds from a debt financing sufficient to repurchase the tendered notes.

CCS said that if not all notes are tendered, it may exercise its right to discharge the indenture governing the notes soon after the early tender date.

Goldman Sachs & Co. (800 828-3182 or 212 855-9063) is the dealer manager for the tender offer. D.F. King & Co., Inc. (800 859-8508 or 212 269-5550) is the depositary and information agent.

CCS is a Calgary, Alta.-based oil and gas environmental services company.

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