Mariner to redeem all $900 million of its 11¾%, 8%, 7½% senior notes

By Devika Patel

Knoxville, Tenn., Nov. 12 - Mariner Energy Inc. will redeem all $300 million of its 11¾% senior notes due 2016, all $300 million of its 8% senior notes due 2017 and all $300 million of its 7½% senior notes due 2013, according to an 8-K filed Friday with the Securities and Exchange Commission.

The 8% and 7½% notes will be redeemed in full on Dec. 13. The company will redeem $105 million of the 11¾% notes on a lottery basis on Dec. 13 and the remaining $195 million on Dec. 14.

Apache Deepwater LLC is the successor to Mariner for the 8% and 7½% notes.

The 11¾% notes will be redeemed at 111.75 plus interest to the redemption date. The 8% notes will be redeemed at 114.0239 plus interest to the redemption date. The 7½% notes will be redeemed at 103.75 plus interest to the redemption date.

Wells Fargo Bank NA (612 667-9764 or 800 344-5128) is the trustee.

Mariner Energy is a Houston-based oil and gas exploration, development and production company.

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