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Tetra Technologies extends tender offer for 5.09% notes, 5.67% notes
By Angela McDaniels
Tacoma, Wash., Nov. 20 – Tetra Technologies, Inc. extended the tender offer for up to $25 million principal amount of its outstanding 5.09% senior notes, series 2010-A, due Dec. 15, 2017 and 5.67% senior notes, series 2010-B, due Dec. 15, 2020 to 11:59 p.m. ET on Dec. 7 from 11:59 p.m. ET on Dec. 4, according to a company news release.
As of 5 p.m. ET on Nov. 20, holders had tendered $50 million principal amount, or 55.56%, of the notes.
The purchase price will be par of $100,000 plus accrued interest up to but excluding the payment date.
Tetra issued $90 million of the notes in September 2010, all of which is outstanding, the release noted.
The offer is subject to a minimum tender condition and a financing condition.
Tetra said it also will issue $125 million of 11% seven-year senior notes to affiliates of GSO Capital Partners LP in a private placement.
Proceeds will be used to repay $90 million of senior notes due April 2016 and to repay other debt and transaction fees.
Tetra is a Woodlands, Texas-based oil and gas services and production company.
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