El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Exploration & Production Company Announces Extension of Price Determination Date Relating to Its Outstanding Tender Offer and Consent Solicitation for Its 7 3/4 Percent Senior Notes Due 2013
HOUSTON, June 11, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- El Paso Exploration &
Production Company (EPEP), a wholly owned subsidiary of El Paso Corporation
(NYSE: EP), announced today that it has extended to 2 p.m., New York City
time, on June 12, 2007 the time at which the dealer managers will determine
the consideration to be paid in connection with its pending cash tender offer
and consent solicitation with respect to its 7 3/4 percent Senior Notes due
2013 (CUSIP No. 283703AB2). The tender offer and the consent solicitation are
subject to the terms and conditions set forth in EPEP's Offer to Purchase and
Consent Solicitation Statement dated May 29, 2007 (the Statement).
The total consideration to be paid for each $1,000 principal amount of the
notes tendered and accepted for payment will be determined in the manner
described in the Statement by reference to the fixed spread of 50 basis points
over the yield based on the bid side price of the reference treasury security,
4.875 percent U.S. Treasury Notes due May 31, 2008, as calculated by the
dealer managers at 2 p.m., New York City time, on June 12, 2007.
Holders who validly tender (and do not validly withdraw) notes in the
tender offer and validly deliver (and do not validly revoke) their
corresponding consents in the consent solicitation at or prior to 5 p.m., New
York City time, on June 11, 2007, whose notes are accepted for purchase and
payment will receive the total consideration referenced above plus any accrued
and unpaid interest from the last interest payment date for the notes to, but
not including, the initial settlement date, which EPEP expects will occur on
June 15, 2007. Holders who validly tender notes in the tender offer after 5
p.m., New York City time, on June 11, 2007, and at or prior to 12:00 midnight,
New York City time, on June 25, 2007, will receive the total consideration set
forth above minus the consent payment of $20.00 per $1,000 principal amount,
plus any accrued and unpaid interest from the last interest payment date for
the notes to, but not including, the final settlement date, which EPEP expects
will occur on June 26, 2007.
EPEP has retained Citi and Deutsche Bank Securities Inc. to serve as
dealer managers for the tender offer and solicitation agents for the consent
solicitation and has retained Global Bondholder Services Corporation to serve
as the depositary and information agent for the tender offer.
Requests for documents may be directed to Global Bondholder Services
Corporation by telephone at (866) 294-2200 or (212) 430-3774 or in writing at
65 Broadway -- Suite 723, New York, NY 10006. Questions regarding the tender
offer may be directed to Citi at (800) 558-3745 or (212) 723-6106 or Deutsche
Bank Securities Inc. at (866) 627-0391 or (212) 250-2955.
This press release is neither an offer to purchase nor a solicitation of
an offer to sell the notes or any other securities. The tender offer is made
only by and pursuant to the terms of the Statement and the related letter of
transmittal and consent. None of EPEP, the dealer managers, the solicitation
agents or the depositary and information agent makes any recommendations as to
whether holders should tender their notes pursuant to the tender offer.
Holders must make their own decisions as to whether to tender notes and, if
so, the principal amount of notes to tender.
EPEP is a Delaware corporation incorporated in 1999, and a wholly owned
subsidiary of El Paso Corporation. Its primary business is the exploration
for and the acquisition, development and production of natural gas, oil, and
natural gas liquids in the United States, Brazil, and Egypt.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. El Paso Corporation owns North
America's largest natural gas pipeline system and one of North America's
largest independent natural gas producers. For more information, visit
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All forward-looking
statements are based on assumptions that EPEP believes to be reasonable.
However, actual results almost always vary from assumed facts and the
differences can be material, depending upon the circumstances. As a result,
you should not place undue reliance on such forward-looking statements. The
words "believe," "expect," "estimate," "anticipate" and similar expressions
will generally identify forward-looking statements. All of EPEP's forward-
looking statements, whether written or oral, are expressly qualified by these
cautionary statements and any other cautionary statements that may accompany
such forward-looking statements. In addition, EPEP disclaims any obligation
to update any forward-looking statements to reflect events or circumstances
after the date of this release.
With this in mind, you should consider the risks discussed in the
Statement together with the risks discussed under the caption "Risk Factors"
in EPEP's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the other
documents EPEP files with the SEC from time to time, which could cause actual
results to differ materially from those expressed in any forward-looking
statement made by EPEP or on EPEP's behalf.
SOURCE El Paso Corporation
Investors, Bruce L. Connery, Vice President, +1-713-420-5855, or Fax,
+1-713-420-4417, or Media, Bill Baerg, Manager, +1-713-420-2906, or Fax,
+1-713-420-4417, both of El Paso Corporation