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Laredo Petroleum begins change-of-control offer for 9½%, 7 3/8% notes
By Marisa Wong
Madison, Wis., Nov. 25 - Laredo Petroleum Holdings, Inc. announced it began a change-of-control offer to purchase for cash all of wholly owned subsidiary Laredo Petroleum, Inc.'s outstanding $550 million 9½% senior notes due 2019 and $500 million 7 3/8% senior notes due 2022.
The company is offering to purchase the notes at 101% of par plus accrued interest to the purchase date, which will be the expiration of the offer at 9 a.m. ET on Dec. 31.
Notes must be tendered prior to the close of business on Dec. 26.
The change-of-control offer is in connection with the planned merger of the subsidiary into the parent company by year-end. After the merger takes effect, Laredo Petroleum Holdings, Inc. intends to change its name to Laredo Petroleum, Inc.
Any notes not tendered under the offer will remain outstanding as obligations of the parent company following the merger.
Wells Fargo Bank, NA (800 344-5128) is the depositary.
Laredo is an energy company based in Tulsa, Okla.
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