Energy Partners, Ltd. Announces Extension of the Expiration Date for the Previously Announced Cash Tender Offer for Senior Notes
10 Aprile 2007 - 3:28PM
Business Wire
Energy Partners, Ltd. (NYSE: EPL) (�EPL� or the �Company�) today
announced the extension of the expiration date for the previously
announced cash tender offer (the �Offer�) to purchase any and all
of its outstanding 8 3/4% Senior Notes due 2010 (the �Notes�)
(CUSIP No. 29270UAC9) and related consent solicitation to amend the
indenture pursuant to which the Notes were issued (the �Consent
Solicitation�) from 12:00 midnight, New York City time, on April
20, 2007 to 5:00 p.m., New York City time, on May 3, 2007 (such
date and time, as they may be extended by the Company, the
"Expiration Date"). As of 5:00 p.m., New York City time, on April
9, 2007, the Company received tenders from holders of $143.43
million in aggregate principal amount of the Notes, representing
approximately 95.62% of the outstanding Notes. The price
determination date will be 2:00 p.m., New York City time, 10
business days prior to the Expiration Date as amended. The Company
currently expects this date to be April 20, 2007. The completion of
the tender offer and consent solicitation is subject to the
satisfaction or waiver by the Company of a number of conditions, as
described in the Offer to Purchase and Consent Solicitation
Statement dated March 26, 2007 (the "Offer to Purchase"). Holders
who validly tender their Notes and which Notes are accepted for
purchase are expected to receive payment on or promptly after the
date on which the Company satisfies or waives the conditions of the
tender offer and consent solicitation. The Offer is subject to the
satisfaction or waiver of certain conditions, including the closing
of the Company�s equity self-tender offer, the consummation of the
requisite financing to purchase the Notes, and certain other
customary conditions. The complete terms and conditions of the
Offer are described in the Offer to Purchase, copies of which may
be obtained from Mackenzie Partners, Inc. the information agent and
depositary for the Offer, at (800) 322-2885 (US toll-free) and
(212) 929-5500 (collect). The Company has engaged Banc of America
Securities LLC to act as the exclusive dealer manager in connection
with the Offer. Questions regarding the Offer may be directed to
Banc of America Securities LLC, High Yield Special Products, at
(888) 292-0070 (US toll-free) and (704) 388-9217 (collect). 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 may contain forward-looking
information and statements regarding EPL. Any 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 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 the Offer to Purchase. EPL�S NOTEHOLDERS ARE ADVISED
TO READ EPL�S OFFER TO PURCHASE AND ANY OTHER DOCUMENTS RELATING TO
THE TENDER OFFER CAREFULLY AND IN THEIR ENTIRETY 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.
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