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Taqa North subsidiary PrimeWest Energy gets consents to redeem 6.5% convertibles
By Jennifer Chiou
New York, March 27 - Taqa North Ltd. subsidiary PrimeWest Energy Trust announced a successful consent solicitation allowing redemption of its 6.5% convertible unsecured subordinated series III debentures due Jan. 31, 2012.
The consent solicitation expired at 5 p.m. ET on March 24. It began on Feb. 22.
About 90% of noteholders adopted the proposed amendments to allow PrimeWest to redeem the debentures, in whole or in part, for par plus accrued interest up to the redemption date.
PrimeWest said it planned to execute a supplemental indenture and redeem the notes on the first business day after the expiration date.
PrimeWest needed consents from holders of two-thirds of the outstanding debentures for the proposed amendments to become effective.
As previously noted, holders of about $92.52 million, or 68.9%, of the outstanding debentures had already agreed to provide consents.
Consenting noteholders will receive a consent fee equal to $100 per $1,000 principal amount of notes.
Submitted consents could have been revoked at any time before the expiration but not thereafter.
Taqa North is a Calgary, Alta.-based oil and gas exploration company.
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