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Brigham begins tender offer, consent bid for $160 million 9 5/8% notes
By Angela McDaniels
Tacoma, Wash., Sept. 13 - Brigham Exploration Co. began a tender offer and consent solicitation for any and all of its $160 million of 9 5/8% senior notes due 2014, according to a company news release.
The company is soliciting consents to proposed amendments that would eliminate substantially all of the restrictive covenants and some events of default in the indenture governing the notes and shorten the redemption notice period to three days from 30 days.
Holders may not tender their notes without delivering consents and vice versa.
The purchase price is $1,052 for each $1,000 principal amount of notes. This amount includes a consent payment of $30 for each note tendered by 5 p.m. ET on Sept. 24.
Holders will also receive accrued interest up to but excluding the applicable payment date.
The offer will expire at 11:59 p.m. ET on Oct. 8.
Holders who tender their notes by the consent date will receive payment on the initial payment date, which is expected to be Sept. 27, and holders who tender after the consent date and prior to the expiration date will receive payment on the final payment date, which is expected to be Oct. 12.
Brigham expects to fund the tender offer with the proceeds from a new issue of senior notes due 2018.
The tender offer is subject to the receipt of tenders and consents from holders of a majority of the outstanding notes, the execution of a supplemental indenture that effects the proposed amendments and the completion of the new debt financing.
The dealer managers are Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-5912) and Bank of America Merrill Lynch (888 292-0070 or 980 388-9217). The information agent is i-Deal LLC (877 746-3583 or 201 499-3500).
Brigham is an oil and gas exploration, development and production company based in Austin, Texas.
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