Black Elk tender offer expires; $11.3 million of 13¾% notes tendered

By Tali Rackner

Norfolk, Va., Aug. 14 – Black Elk Energy Offshore Operations, LLC’s tender offer and consent solicitation for its $150 million of 13¾% senior secured notes due 2015 has expired, according to a filing with the Securities and Exchange Commission.

As of 5 p.m. ET on Aug. 13, the expiration date, $11,333,000 principal amount of the notes were tendered and the holders of $110,565,000 principal amount, or 73.71%, of the notes submitted consents.

Black Elk solicited consents to modify some of the restrictive covenants contained in the indenture governing the notes.

The purchase price is par plus accrued interest up to but excluding the purchase date.

When they began on July 16, Black Elk said the tender offer and the consent solicitation were being made in connection with its proposed disposition of assets under a purchase and sale agreement between the company and Renaissance Offshore, LLC. Proceeds from the Renaissance sale will be used to fund the tender offer.

A supplemental indenture effecting the proposed amendments will be executed and the tendered notes will be accepted for payment once the sale to Renaissance Offshore closes.

Black Elk Energy is a Houston-based oil and gas company.

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