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Tetra wraps oversubscribed tender for $25 million 5.09%, 5.67% notes
By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – Tetra Technologies, Inc. said it repurchased the full $25 million of notes in an oversubscribed cash tender offer for its outstanding 5.09% senior notes, series 2010-A, due Dec. 15, 2017 and 5.67% senior notes, series 2010-B, due Dec. 15, 2020.
More than $25 million of notes had been validly tendered when the offer expired at 11:59 p.m. ET on Monday, according to a press release.
Tetra said that, in accordance with its Nov. 5 purchase offer, it bought $18,055,555.56 of the 2010-A notes tendered, after which $46,944,444.44 principal amount of that series remains outstanding. It purchased $6,944,444.44 of the tendered 2010-B notes, with $18,055,555.56 of that series outstanding.
The purchase price was par of $100,000 plus accrued interest up to but excluding the payment date.
Tetra issued $90 million of the notes in September 2010, all of which was outstanding prior to the tender offer.
The offer was initially set to expire on Friday, but Tetra announced Nov. 20 that it was extending the deadline.
Tetra is a Woodlands, Texas-based oil and gas services and production company.
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