| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Southern Star Central holders tender $185.76 million 6¾% notes so far
By Angela McDaniels
Tacoma, Wash., June 16 – Southern Star Central Corp. announced the results of the tender offers for its 6¾% senior notes due 2016 as of the early tender deadline.
As of 5 p.m. ET on June 13, the company had received tenders and consents for $146,588,000 principal amount, or 73.29%, of its 6¾% notes issued in 2006, $39.17 million principal amount, or 78.34%, of its Rule 144A 6¾% notes issued in 2008 and none of its Regulation S 6¾% notes issued in 2008, according to a company news release.
The tender offers began June 2 and will end at midnight ET at the end of the day on June 27.
The total purchase price is $1,003.30 for each $1,000 principal amount of notes. This amount includes an early tender payment of $30.00 for each note tendered by the early tender date.
The company will also pay accrued interest up to but excluding the payment date, which was June 16 for the notes tendered by the early tender deadline.
The company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default.
The company has received enough consents to amend the indentures governing the notes issued in 2006 and the Rule 144A notes issued in 2008. Supplemental indentures have been executed and are effective.
The offers are conditioned on completion of an issue of debt with proceeds of at least $450 million, the company securing consents from holders of at least a majority of the notes and the execution of supplemental indentures.
The company priced a $450 million issue of eight-year senior notes (Ba1/BB+) at par to yield 5 1/8% on June 5, and the issue settled June 16.
RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 578-5378 or 212 269-5550) is the information agent and tender agent.
Southern Star is an Owensboro, Ky., natural gas transmission company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.