Chaparral gets needed consents for 8 7/8% notes, calls remainder

By Jennifer Chiou

New York, May 2 - Chaparral Energy, Inc. announced the receipt of tenders and consents from holders of 82.68% of its 8 7/8% senior notes due 2017.

The offer will expire at 12:01 a.m. ET on May 16.

The company said it will execute a supplemental indenture to eliminate most of the covenants and certain default provisions that will become effective once a majority of notes is accepted.

Chaparral also said that it will redeem all remaining notes on June 1.

The company is offering a total payment of $1,048.13 per $1,000 principal amount in the tender offer, including a consent payment of $30.00. It will also pay accrued interest.

The offer began on April 18.

On April 20, the company announced its plans to use the proceeds from its $400 million sale of 7 5/8% senior notes due 2022 to fund the tender and solicitation.

Credit Suisse Securities (USA) LLC is the dealer manager and solicitation agent for the tender offer (800 820-1653 or call collect 212 538-2147). D.F. King & Co., Inc. is the tender agent and information agent (800 431-9643 or call collect 212 269-5550).

Wells Fargo Bank, NA is the trustee.

Chaparral is an Oklahoma City-based oil and natural gas production and exploration company.

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