Houston Exploration Announces Expiration of Tender Offer for 7% Senior Subordinated Notes Due 2013
06 Giugno 2007 - 4:00AM
PR Newswire (US)
HOUSTON, June 5 /PRNewswire-FirstCall/ -- The Houston Exploration
Company (NYSE:THX) today announced that it will accept for payment
all 7% Senior Subordinated Notes due 2013 (the "Notes") validly
tendered prior to 5:00 p.m. Eastern time on June 5, 2007 (the
"Expiration Time"), pursuant to its previously announced cash
tender offer and consent solicitation for the Notes (the "Offer"),
which commenced on May 2, 2007. Notes in an aggregate principal
amount of $169,178,000, representing approximately 97% of the
$175,000,000 principal amount outstanding, were tendered. Houston
Exploration previously accepted all consents delivered prior to
5:00 p.m. Eastern time on May 21, 2007 (the "Consent Expiration").
The aggregate consideration payable by Houston Exploration for
Notes that will be accepted for payment pursuant to the Offer is
$176,884,998, which includes payment of the consent fee for all
Notes tendered prior to the Consent Expiration, as well as
$5,592,273 in accrued interest. Payments to holders will be made on
June 6, 2007. Houston Exploration has executed a supplemental
indenture (the "Supplemental Indenture") to the indenture governing
the Notes to, among other things, eliminate substantially all of
the restrictive covenants and to modify certain of the events of
default and other provisions in the indenture. The Supplemental
Indenture will become operative on June 6, 2007, pursuant to the
terms and conditions of Houston Exploration's Offer to Purchase and
Consent Solicitation Statement dated May 2, 2007 (the "Offer to
Purchase"). Any Notes not tendered and purchased pursuant to the
Offer will remain outstanding, and the holders thereof will be
subject to the terms of the Supplemental Indenture even though they
did not consent to the amendments. J.P. Morgan Securities Inc.
acted as the dealer manager and solicitation agent, and Georgeson
Inc. was the information agent for the Offer. Questions regarding
the Offer should be directed to J.P. Morgan Securities Inc. at
(212) 270-3994 (collect), attention: Laura Yachimski. This
announcement is not an offer to purchase, a solicitation of an
offer to purchase or a solicitation to consent with respect to any
Notes. The Offer was made solely pursuant to the Offer to Purchase,
which set forth the complete terms and conditions of the tender
offer and consent solicitation. About The Houston Exploration
Company The Houston Exploration Company is an independent natural
gas and crude oil producer engaged in the development,
exploitation, exploration and acquisition of natural gas and crude
oil properties. The company's operations are focused in South
Texas, the Arkoma Basin, East Texas, and the Rocky Mountains. For
more information, visit the company's Web site at
http://www.houstonexploration.com/. Forward-looking Statements This
new release and oral statements regarding the subjects of this
release contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act. All statements other than statements of
historical fact included in this news release are forward-looking
statements and reflect Houston Exploration's current expectations
and are based on current available information and numerous
assumptions. Although Houston Exploration believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to have been correct. Factors that could cause actual results
to vary materially from those targeted, expected or implied are
more fully discussed in the company's filings with the SEC,
including the Annual Report on Form 10-K for the year ended
December 31, 2006, as amended, and in the joint proxy
statement/prospectus dated May 1, 2007, with respect to its pending
merger with Forest. Houston Exploration assumes no responsibility
to update any of the information referenced in this news release.
Contact: The Houston Exploration Company Melissa R. Aurelio
713-830-6887 DATASOURCE: The Houston Exploration Company CONTACT:
Melissa R. Aurelio of The Houston Exploration Company,
+1-713-830-6887, Web site: http://www.houstonexploration.com/
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