El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
ANR Pipeline Company Announces Interim Results of Tender Offer and Consent Solicitation for Its 8 7/8% Notes Due 2010
HOUSTON, Jan. 29 /PRNewswire-FirstCall/ -- ANR Pipeline Company, a
subsidiary of El Paso Corporation (NYSE: EP), today announced the expiration
of the consent period in connection with ANR's previously announced tender
offer to purchase all of its 8 7/8% Notes due 2010 (CUSIP No. 001814 AV4) and
the related solicitations of consents to the proposed amendments to the
indenture governing such notes.
As of 5:00 p.m., New York City time, on January 26, 2007 (the date and
time corresponding to the consent deadline), approximately $269.2 million (or
approximately 89.7%) of the $300.0 million total aggregate principal amount of
outstanding notes had been validly tendered for purchase (and not validly
withdrawn). Notes tendered prior to the January 26 deadline may no longer be
withdrawn and consents delivered prior to the January 26 deadline may no
longer be revoked.
The tender offer is scheduled to expire at 5:00 p.m., New York City time
on February 12, 2007, unless extended or earlier terminated. Noteholders who
provided consents to the proposed amendments and tendered their notes prior to
the January 26 deadline will receive a consent payment of $20.00 per $1,000
principal amount of notes tendered and accepted for purchase pursuant to the
offer. The total consideration to be paid per $1,000 principal amount of each
validly tendered note accompanied by a properly delivered consent will be
$1,048.13, which includes the consent payment. Noteholders who tender their
notes after the January 26 deadline and prior to the expiration of the tender
offer will be entitled to receive only the purchase price of the notes, which
will be equal to the total consideration less the consent payment. ANR will
pay the purchase price for notes validly tendered and accepted for purchase,
as well as accrued and unpaid interest up to, but not including, the payment
date. The payment date will occur promptly after the expiration of the tender
offer, unless extended by ANR. Consummation of the tender offer, and any
related payment, is subject to satisfaction of several conditions.
ANR also announced that it has received the requisite consents to adopt
the proposed amendments pursuant to the consent solicitation. As a result, it
is expected that ANR and the indenture trustee will execute a supplemental
indenture in respect of such amendments, with such amendments to become
operative upon the acceptance for payment of notes pursuant to the tender
In connection with this tender offer and consent solicitation, ANR has
retained Goldman, Sachs & Co. to serve as the dealer manager and solicitation
agent, and Global Bondholder Services Corporation to act as information agent.
Questions regarding the tender offer and consent solicitation may be directed
to Goldman, Sachs & Co. at (800) 828-3182. Requests for documents may be
directed to Global Bondholder Services Corporation at (866) 294-2200.
This announcement is not an offer to purchase, a solicitation of an offer
to purchase or a solicitation of consents with respect to any securities. The
tender offer and consent solicitation are being made solely by ANR's Offer to
Purchase and Consent Solicitation Statement dated January 12, 2007 and the
related Letter of Transmittal.
ANR is a Delaware corporation incorporated in 1945 and an indirect wholly
owned subsidiary of El Paso Corporation. ANR's primary business consists of
the interstate transportation, storage and gathering of natural gas. ANR
conducts its business activities through its natural gas pipeline systems.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. El Paso owns North America's largest
natural gas pipeline system and one of North America's largest independent
natural gas producers. For more information, visit http://www.elpaso.com .
SOURCE El Paso Corporation
CONTACT: Investor and Public Relations, Bruce L. Connery, Vice
President, +1-713-420-5855, or fax, +1-713-420-4417, or Media Relations, Bill
Baerg, Manager, +1-713-420-2906, or fax, +1-713-420-4417, both of El Paso
4352 01/29/2007 12:43 EST http://www.prnewswire.com