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North American Energy Partners prices tender consideration for 9% notes
By Angela McDaniels
Seattle, Nov. 10 - North American Energy Partners Inc. said it will pay $1,092.64 per $1,000 principal amount of 9% senior secured notes due 2010 tendered during its tender offer that ends at 5 p.m. ET on Nov. 24.
The tender consideration was determined on Thursday and is equal to the minimum of the fixed spread price and the sum of 35% of the equity clawback price, which is $1,090, and 65% of the fixed spread price. The fixed spread price is equal to the present value on the date of payment of all future cash flows on the notes, minus accrued interest to June 1, 2008, discounted using the 4% U.S. Treasury note due May 31, 2008 plus 50 basis points. The reference yield for the notes was 4.831%.
North American will also pay accrued interest up to but excluding the payment date, which is expected to be Nov. 28.
The total consideration includes a $30 consent payment for each $1,000 principal amount of notes. The company said it received tenders and consents from holders of 100% of the notes before Oct. 21, the consent solicitation expiration.
The company solicited consents to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default.
The tender offer began on Sept. 8. The deadline was originally Oct. 6, but it was extended to Oct. 31, then to Nov. 20 and finally to Nov. 24.
Credit Suisse Securities (USA) LLC (800 820-1853 or collect 212 538-0652) is the dealer manager and solicitation agent for the offer. D. F. King & Co. (800 431-9633) is the information agent.
North American Energy Partners is based Acheson, Alta., and provides mining and site preparation, piling and pipeline installation services.
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