North American gets tenders for C$8.08 million 9 1/8% notes, to redeem C$141.92 million Aug. 27

By Marisa Wong

Madison, Wis., Aug. 22 - North American Energy Partners Inc. announced the expiration of its offer to acquire up to C$170 million of its outstanding 9 1/8% series 1 senior debentures due 2017 using excess proceeds from an asset sale. As of 5 p.m. ET on Aug. 21, holders had tendered C$8.08 million of the notes.

Tendered notes will be purchased at par on Aug. 23.

As previously announced, North American Energy will redeem on Aug. 27 an amount of notes equal to C$150 million less the principal amount tendered under the net proceeds offer.

The total principal amount of notes to be redeemed on Aug. 27 is C$141.92 million, the company said in a Wednesday press release.

The redemption price will be 104.563% of par plus accrued interest to but excluding the redemption date of about C$35.50 per C$1,000 of notes. Holders must be of record as of Aug. 23.

The company said before that it may consider its refinancing options for the remaining outstanding principal amount of notes after completion of the net proceeds offer and redemption.

North American Energy is a Calgary, Alta.-based provider of heavy construction, mining, piling and pipeline services in western Canada.

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