North American Energy receives consents needed to amend 8¾% notes

By Laura Lutz

Seattle, Dec. 8 - North American Energy Partners Inc. announced that it received consents from holders of $190.629 million, or about 95.3%, of its $200 million outstanding principal amount of 8¾% senior notes due 2011 by the expiration of the company's previously announced consent solicitation.

The consents allow the company to remove the requirement in the indenture governing the notes that the company include a reconciliation of its financial statements, which are prepared in accordance with Canadian GAAP, to U.S. GAAP in the quarterly reports that the company files with the Securities and Exchange Commission.

This amendment will not alter the company's obligation to reconcile its financial statements to U.S. GAAP in its annual reports, according to a company news release.

The consent solicitation ended at 5 p.m. ET on Dec. 19.

Noteholders who consented will receive a consent fee of $1.25 for each $1,000 principal amount of notes.

North American Energy Partners needs consents from holders of at least a majority of the notes outstanding.

BNP Paribas Securities Corp. (866 491-7302 toll free or 212 841-3059 collect) is the solicitation agent, and Global Bondholder Services Corp. (866 807-2200 toll free or 212 430-3774) is the information agent.

North American Energy Partners is based Acheson, Alta., and provides mining and site preparation, piling and pipeline installation services.

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