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PetroQuest gets tenders, consents from 73% of 10 3/8% noteholders
By Devika Patel
Knoxville, Tenn., Aug. 19 - PetroQuest Energy, Inc. announced that it has received tenders and consents from holders of more than 73% of its 10 3/8% senior notes due 2012 as part of a cash tender offer and consent solicitation for all $150 million of the notes.
As of 5 p.m. ET on Aug. 18, the consent payment deadline, the needed number of consents was submitted, so the company now plans to amend the notes' indenture and eliminate substantially all of the covenants and events of default.
The offer launched on Aug. 5 and will expire at 11:59 p.m. ET on Sept. 1.
Holders who tendered and provided consents prior to the consent payment deadline will receive the total consideration of $1,028.44 per $1,000 in notes, which includes a consent payment of $2.50 per $1,000 in notes, plus interest up to, but not including, the payment date.
Holders who tender their securities after the consent payment deadline but on or prior to the expiration date will receive the tender offer consideration of $1,025.94 per $1,000 of the notes, plus interest to the payment date.
J.P. Morgan Securities Inc. (800 245-8812 or 212 270-3994) is the dealer manager and solicitation agent. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) is the information agent.
PetroQuest is a Lafayette, La.-based energy company.
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