CCS pulls tender offer for 11% notes due to terminated notes offering

By Jennifer Chiou

New York, June 21 - CCS Corp. announced that it will not move forward with its cash tender offer to purchase any and all of its $312 million of 11% senior notes due 2015 that began on June 13.

The termination is due to the company scrapping its previously announced C$675 million-equivalent senior notes offering because of adverse market conditions.

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

Further, CCS also opted to terminate the related purchase of $299.9 million of its 11% senior subordinated notes due 2015 in a private transaction.

In the offer, holders who tendered their notes before 5 p.m. ET on June 24, the early tender date, were to receive the total consideration of $1,080 for each $1,000 principal amount of notes, which included a $30.00 early tender premium.

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

Any tendered notes will be promptly returned.

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

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

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