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Nuevo Energy tenders for 9 3/8% notes
New York, May 17 - Plains Exploration & Production Co. said its wholly owned subsidiary Nuevo Energy Co. has begun a cash tender offer for any and all of its outstanding 9 3/8% senior subordinated notes due 2010. Nuevo has $150 million principal amount of the notes outstanding.
Concurrently with the tender offer, Nuevo is soliciting consents to amend the note indenture, which will eliminate certain restrictive covenants and related provisions.
The tender offer will expire at midnight ET on June 14. The consent solicitation will expire at 5 p.m. ET on May 27.
Holders tendering by the consent date will be required to consent to the amendments.
The payment for the notes will be set as the present value on the payment date of the call price of $1,046.875 per $1,000 principal amount on the first call date of Oct. 1, 2005 plus the present value of the interest from the payment date up to but not including the call date, discounted using a yield of 75 basis points over the yield on the 1 5/8% U.S. Treasury Note due Sept. 30, 2005 at 2 p.m. ET on the second business day prior to the consent expiration date. This figure will include a $20 per $1,000 consent payment only payable to holders who tender by the consent date and accrued interest up to but not including the payment date.
The offer is subject to conditions including the receipt of consents for a majority of the notes and the continued availability under Nuevo's credit facility of enough funds to fund the tender.
JP Morgan Securities is the dealer manager and consent solicitation agent (800 245-8812 or 212 270-9153). Georgeson Shareholder Communications is the information agent (banks and brokers call 212 440-9800, others 800 262-0158).
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