Energy Partners, Ltd. Announces the Determination of the Pricing Terms in Connection with Its Previously Announced Debt Tender O
20 Aprile 2007 - 11:27PM
Business Wire
Energy Partners, Ltd. (NYSE: EPL) (�EPL� or the �Company�) today
announced the pricing terms 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�). The total consideration for each $1,000 principal
amount of Notes validly tendered and not withdrawn on or prior to
the Consent Payment Deadline of 5:00 p.m., New York City time, on
April 9, 2007 is $1,051.56 which includes the tender offer
consideration and the consent payment of $30.00 per $1,000
principal amount of Notes. The total consideration was determined
by reference to a fixed spread of 50 basis points over the yield of
the 3-7/8% U.S. Treasury Note due July 31, 2007, which was
calculated at 2:00 p.m., New York City time, on April 20, 2007. The
reference yield and tender offer yield are 4.989% and 5.489%,
respectively. Holders whose Notes were validly tendered and not
withdrawn on or before the Consent Payment Deadline and are
accepted for purchase by the Company will receive accrued and
unpaid interest on the Notes up to, but not including, the initial
payment date for the Offer, which is expected to be on or about
April 23, 2007. Holders whose Notes are validly tendered after the
Consent Payment Deadline, but on or prior to 5:00 p.m., New York
City time, on May 3, 2007 (the �Expiration Date�) and accepted for
purchase by the Company will receive the tender offer consideration
of $1,021.56 per $1,000 principal amount of Notes tendered, but
will not receive the consent payment, and will receive accrued and
unpaid interest on the Notes up to, but not including, the final
payment date for the Offer, which is expected to be on or about May
4, 2007. 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
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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