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ANR Pipeline tenders for 8 7/8% notes
New York, Jan. 12 - ANR Pipeline Co. said it has begun a cash tender offer for its $300 million of 8 7/8% notes due 2010.
The natural gas storage and transportation subsidiary of Houston-based El Paso Corp. said it is also soliciting consents to eliminate restrictive covenants from the note indenture.
ANR will pay $1,048.13 per $1,000 principal amount of notes, a total that includes the consent payment of $20.00 per $1,000 principal amount. Holders will only receive the consent payment if they tender by the consent deadline. The company will also pay accrued interest up to but excluding the payment date.
The consent deadline is 5 p.m. ET on Jan. 26. Expiration for the offer is 5 p.m. ET on Feb. 12.
Goldman, Sachs & Co. is dealer manager and solicitation agent (800 828-3182). Global Bondholder Services Corp. is information agent (866 294-2200).
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