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Encana wraps tender offer, consent bid for 5.8% notes, calls remainder
By Marisa Wong
Madison, Wis., March 28 - Encana Corp. said its wholly owned subsidiary, Encana Acquisition ULC, concluded the tender offer and consent solicitation for the 5.8% notes due May 1, 2014 issued by Encana Holdings Finance Corp. The offer expired at 10 a.m. ET on March 28.
Encana received the needed consents to amend the indenture governing the 5.8% notes. Holders representing a majority in principal amount of the outstanding notes delivered their consents and tendered their notes for purchase.
As of March 13, the original consent payment deadline, holders of about $764 million, or 76%, of the outstanding principal amount of the 5.8% notes had delivered their consents.
The consent payment deadline was previously extended to the expiration time of the tender offer.
Holders who tendered their notes by the extended consent payment deadline will receive a consent payment of $2.50 per $1,000 principal amount of notes in addition to the tender offer consideration of $1,004.59 per $1,000 of notes plus accrued interest to the settlement date.
The company and trustee Deutsche Bank Trust Co. Americas intend to execute a supplemental indenture containing the proposed amendments promptly after the tendered notes are accepted for purchase, which is expected to be on March 31.
The issuer has issued a notice of redemption for any and all of the notes not tendered in the offer.
Barclays (800 438-3242 or 212 528-7581 collect) was the dealer manager and solicitation agent, and D.F. King & Co. (888 644-6071 or 212 269-5550 banks and brokers) acted as the tender agent and information agent.
Encana is a Calgary, Alta., oil and natural gas company.
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