Plains Exploration extends 8¾% notes consent solicitation to Friday, ups fee

New York, June 17 - Plains Exploration & Production Co. (Ba3/B+) said it raised the consent fee it is offering to the holders of its outstanding 8¾% senior subordinated notes due 2012 as part of its previously announced consent solicitation and extended the solicitation's expiration date.

The consent solicitation will now expire at 5 p.m. ET on June 18, subject to possible further extension, rather than the original deadline of 5 p.m. ET June 17.

The company also said that it was increasing the cash consent fee it was offering noteholders for their consents to $7.50 per $1,000 principal amount of notes for which valid tenders are received and not subsequently revoked, up from the originally set $5 per $1,000 principal amount.

All other original terms and conditions of the consent solicitation are unchanged and remain in effect.

As previously announced, Plains Exploration, a Houston-based independent oil and gas company, said on June 11 that it was soliciting consents from the holders of its outstanding 8¾% notes to amend and restate the notes' indenture in order to modify and eliminate certain covenants and related provisions.

It set a record date of June 7 and initially said the consent solicitation would expire at 5 p.m. ET on June 17 (this has now been extended).

Plains initially said that subject to the terms and conditions of the consent solicitation, including the receipt by the company of consents from the holders of at least a majority of the notes by the expiration deadline, it would pay $5 in cash per $1,000 in principal amount as a consent fee (the consent fee has now been raised).

J.P. Morgan Securities Inc. is the solicitation agent for the consent solicitation (call 800 245-8812 or 212 270-9153). Georgeson Shareholder Communications Inc. is the information agent (banks and brokers call 212 440-9800, all others call 877 388-2827).

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