El Paso gets consents from holders of $1.9 billion of El Paso CGP notes

By Jennifer Chiou

New York, Dec. 16 - El Paso Corp. said it received consents from holders of $1.9101 billion of subsidiary El Paso CGP Co.'s (The Coastal Corp.) notes in a private exchange offer as of the consent deadline.

As of 5 p.m. ET on Dec. 15, El Paso said it received consents from holders of:

• $91.86 million or 83.89% of its $109.5 million of 6½% notes due 2006;

• $182.525 million or 89.08% of its $204.91 million of 7½% notes due 2006;

• $188.682 million or 94.34% of its $200 million of 6½% senior debentures due June 1, 2008;

• $206.596 million or 96.09% of its $215 million of 7 5/8% notes due 2008;

• $189.443 million or 94.72% of its $200 million of 6 3/8% senior debentures due Feb. 1, 2009;

• $369.729 million or 92.43% of its $400 million of 7¾% notes due 2010;

• $39.755 million or 70.27% of its $56.573 million of 10¾% senior debentures due Oct. 1, 2010;

• $136.118 million or 90.75% of its $150 million of 9 5/8% senior debentures due May 15, 2012;

• $161.913 million or 80.96% of its $200 million of 6.7% senior debentures due Feb. 15, 2027;

• $188.08 million or 94.04% of its $200 million of 6.95% senior debentures due June 1, 2028;

• None of its $150 million of 7¾% senior debentures due Oct. 15, 2035; and

• $155.448 million or 77.72% of its $200 million of 7.42% senior debentures due Feb. 15, 2037.

El Paso, which started the offer on Dec. 5, solicited consents to amend the notes' indentures.

The exchange price for each CGP note will be 100% of its principal amount if it is tendered anytime before the offer's expiration at 11:59 p.m. ET on Dec. 30, unless extended.

Previously, the exchange price was 100% of its principal amount if it was tendered prior to the consent deadline, and 95% of its principal amount after that time and before the expiration of the offer.

The Houston-based natural gas and energy company said it will issue a new El Paso note in a principal amount equal to the exchange price for validly tendered and accepted CGP notes.

For each $1,000 principal amount of notes, El Paso CGP said it will also make a consent payment of $1.25 for its 6½% notes, $1.25 for its 7½% notes, $2.50 for its 6½% senior debentures, $2.50 for its 7 5/8% notes, $2.50 for its 6 3/8% senior debentures, $2.50 for its 7¾% notes, $2.50 for its 10¾% senior debentures, $2.50 for its 9 5/8% senior debentures, $2.50 for its 6.7% senior debentures, $2.50 for its 6.95% senior debentures, $2.50 for its $150 million of 7¾% senior debentures and $2.50 for its $200 million of 7.42% senior debentures.

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