Parallel Petroleum to hold change-of-control offer for 10¼% notes

By Angela McDaniels

Tacoma, Wash., Sept. 15 - Parallel Petroleum Corp. will offer to repurchase all $150 million of its 10¼% senior notes due 2014 at 101, according to a company news release.

The company has agreed to be acquired by an affiliate of Apollo Global Management, LLC, and the offer for the notes is required under the note indenture.

The acquisition is valued at about $483 million, including the assumption or repayment of approximately $351 million of Parallel's net debt.

Parallel is an independent energy company based in Midland, Texas.

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