Energy Partners, Ltd. Announces Intention to Launch Tender Offer and Consent Solicitation for Its 8 3/4% Senior Notes Due 2010
12 Marzo 2007 - 2:15PM
Business Wire
Energy Partners, Ltd. (NYSE: EPL) (�EPL� or the �Company�) today
announced that it intends to commence a cash tender offer to
purchase all of the Company�s outstanding 8 3/4% Senior Notes due
2010 (the �Notes�) in connection with the announced equity
self-tender offer to purchase up to 8,700,000 outstanding common
shares for $23 per share in cash. The cash tender offer is expected
to be commenced within approximately 10 business days. In
conjunction with the tender offer, the Company will also seek
consents to certain proposed amendments to certain provisions of
the indenture that governs the Notes. The purpose of the proposed
amendments is to eliminate substantially all restrictive covenants
and certain event of default provisions of the indenture. The
purchase price for the Notes will be based on a fixed spread of 50
basis points over the yield of the relevant U.S. Treasury Note to
the earliest redemption date of the Notes (August 1, 2007 at
104.375% of principal amount). The purchase price will be inclusive
of a consent payment for holders who validly tender and do not
withdraw Notes on or prior to the payment deadline. The consent
payment deadline is expected to be the tenth business day following
commencement of the tender offer. The tender offer will be
conditioned upon, among other things, the receipt of consents from
the holders of a majority in aggregate outstanding principal amount
of the Notes, the concurrent closing of the Company�s equity
self-tender offer and consummation of the requisite financing to
purchase the Notes. Banc of America Securities LLC is expected to
act as dealer manager for the equity self-tender offer and dealer
manager for the debt tender offer and related consent solicitation.
MacKenzie Partners, Inc. is expected to act as the information
agent for both tender offers, and can be contacted at
1-800-322-2885 toll free or at 1-212-929-5500 collect or by e-mail
at EPL@mackenziepartners.com. Founded in 1998, EPL is an
independent oil and natural gas exploration and production company
based in New Orleans, Louisiana. The Company�s operations are
focused along the U.S. Gulf Coast, both onshore in south Louisiana
and offshore in the Gulf of Mexico. Forward-Looking Statements This
press release contains forward-looking information and statements
regarding EPL. All statements included in this press release that
address activities, events or developments that EPL expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These include statements regarding:
reserve and production estimates, oil and natural gas prices, the
impact of derivative positions, production expense estimates, cash
flow estimates, future financial performance, planned capital
expenditures, EPL�s ability to obtain consents from holders
representing a majority in principal amount of the outstanding
Notes, to close its equity self-tender and to consummate the
requisite financing to purchase the Notes; and other matters that
are discussed in EPL's filings with the Securities and Exchange
Commission. These statements are based on current expectations and
projections about future events and involve known and unknown
risks, uncertainties, and other factors that may cause actual
results and performance to be materially different from any future
results or performance expressed or implied by these
forward-looking statements. Please refer to EPL's filings with the
SEC, including Form 10-K for the year ended December 31, 2006, for
a discussion of these risks. No Offer or Solicitation. This release
is not an offer to purchase, a solicitation of an offer to purchase
or a solicitation of consent of any Notes. The tender offer and the
consent solicitation will be made solely by an Offer to Purchase
and Consent Solicitation Statement. The proposed tender offer for
the Notes by EPL has not commenced. EPL�S SHAREHOLDERS ARE ADVISED
TO READ EPL�S OFFER TO PURCHASE AND CONSENT SOLICITATION STATEMENT
AND ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER CAREFULLY AND
IN THEIR ENTIRETY WHEN THEY ARE DISTRIBUTED BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Additional Information and Where to
Find It. Noteholders may obtain information regarding the Company
from EPL's website at www.eplweb.com, from the Securities and
Exchange Commission�s website at www.sec.gov, by directing a
request to: Energy Partners, Ltd. 201 St. Charles Avenue, Suite
3400, New Orleans, Louisiana 70170, Attn: Secretary, (504) 569-1875
or from MacKenzie Partners, Inc. by calling 1-800-322-2885 toll
free or at 1-212-929-5500 collect or by e-mail at
EPL@mackenziepartners.com.
Grafico Azioni Energy Partners (NYSE:EPL)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Energy Partners (NYSE:EPL)
Storico
Da Ott 2023 a Ott 2024
Notizie in Tempo Reale relative a Epl Oil & Gas (Borsa di New York (NYSE)): 0 articoli recenti
Più Energy Partners, Ltd. Articoli Notizie