El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
ANR Pipeline Company Announces Expiration and Final Results of Tender Offer and Consent Solicitation for Its 8 7/8% Notes Due 2010
HOUSTON, Feb. 20 /PRNewswire-FirstCall/ -- ANR Pipeline Company, a
subsidiary of El Paso Corporation (NYSE: EP), today announced the expiration
and final results of ANR's tender offer to purchase all of its 8 7/8% Notes
due 2010 (CUSIP No. 001814 AV4) and the related solicitation of consents to
the proposed amendments to the indenture governing such notes.
The tender offer expired at 9:00 a.m., New York City time, on
February 20, 2007. As of the expiration of the tender offer, 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(and not validly withdrawn). ANR expects to accept all such notes for payment
promptly after the expiration date.
Noteholders who provided consents to the proposed amendments and tendered
their notes prior to the previously announced January 26 consent deadline are
eligible to 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 is $1,048.13, which includes
the consent payment. Noteholders who tendered their notes after the January 26
consent deadline and prior to the expiration of the tender offer are eligible
to receive only the purchase price of the notes, which is 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 total amount
to be paid by ANR to noteholders in connection with the tender offer and
consent solicitation is approximately $282.2 million, plus approximately
$10.29 million in accrued and unpaid interest.
As a result of receiving consents from holders of a majority in aggregate
principal amount of the notes, ANR and the indenture trustee have executed a
supplemental indenture in respect of the proposed amendments to the indenture
governing the notes, with such amendments to become operative upon the
acceptance for payment of notes pursuant to the tender offer.
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 were 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, dependable manner. The company 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
8032 02/20/2007 14:35 EST http://www.prnewswire.com