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North American Energy seeks to amend C$75 million 9 1/8% notes
By Susanna Moon
Chicago, Sept. 20 - North American Energy Partners Inc. said it is soliciting consents to amend its C$75 million of outstanding 9 1/8% series 1 senior debentures due 2017.
The proposed amendment would allow the company to make restricted payments in an aggregate amount of up to C$30 million, according to a company press release.
The solicitation will end at 5 p.m. ET on Oct. 9.
The consent fee will be C$30.00 for each C$1,000 principal amount of notes, subject to pro ration.
The company said it must obtain consents of the holders of at least two-thirds of the outstanding notes in order to amend the notes.
If the company receives consents for more than the needed amount, the consents may be accepted on a pro rata basis, the release noted.
The consent bid is conditioned on the company securing the needed consents.
If holders give consents for all the outstanding notes and the company pro rates the consent fee, holders would receive a consent fee of C$20.00 for each C$1,000 principal amount of notes.
Holders may not revoke their consents. They must be of record as of 5 p.m. ET on Sept. 18.
As of Sept. 20, CDS Clearing and Depository Services Inc. was the sole registered holder of the notes and is the only holder for purposes of this solicitation of consents.
CIBC World Markets Inc. (416 594-8515 collect) is the solicitation agent. Georgeson Shareholder Communications Canada Inc. (866 676-3008 or by email at askus@georgeson.com) is the information agent.
North American Energy is a Calgary, Alta.-based provider of heavy construction, mining, piling and pipeline services in western Canada.
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