Apache to redeem Mariner Energy's 7½% notes, 11¾% notes and 8% notes

By Susanna Moon

Chicago, Dec. 3 - Apache Corp. said its subsidiary Apache Deepwater LLC remains committed to redeeming the 7½% senior notes due 2013, 11¾% senior notes due 2016 and 8% senior notes due 2017 issued by Mariner Energy, Inc.

The company said it plans to redeem the 7½% notes, the 8% notes and 35% of the 11¾% notes on Dec. 13.

Apache will redeem the remaining 65% of the 11¾% notes on Dec. 14.

The company announced on Nov. 10 that Apache Deepwater assumed the notes and planned to redeem them upon completion of its merger with Mariner.

Under terms of the 11¾% notes, Apache will redeem 35% of those notes with the proceeds of a private equity offering. In the offering, Apache Deepwater will issue 123 million membership units to Apache in exchange for $123 million prior to Dec. 13.

Apache and Mariner are Houston-based oil and gas exploration and production companies.

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