ANR Pipeline gets tenders for 89.7% of 8 7/8% notes

By Jennifer Chiou

New York, Feb. 20 - ANR Pipeline Co. said it received tenders from holders of $269.2 million, or 89.7%, of its $300 million 8 7/8% notes due 2010.

The offer ended at 9 a.m. ET on Feb. 20, extended previously from 5 p.m. ET on Feb. 14.

In the tender, ANR will pay $1,048.13 per $1,000 principal amount of notes, a total that includes a $20.00 consent payment for holders who tendered by the consent deadline. The company will also pay accrued interest up to but excluding the payment date.

ANR said it expects to pay $282.2 million plus $10.29 million for accrued interest in the tender.

The company had received tenders for $269.2 million of the notes as of 5 p.m. ET on Feb. 14. That amount was unchanged from the consent deadline at 5 p.m. ET on Jan. 26.

The consents allowed the company to eliminate restrictive covenants from the note indenture. It has executed a supplemental indenture.

The offer began on Jan. 29.

Goldman, Sachs & Co. (800 828-3182) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 294-2200) is information agent.

ANR is the natural gas storage and transportation subsidiary of Houston-based El Paso Corp.

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