Newfield increases tender price for 7 5/8% notes, extends deadline

By Angela McDaniels

Tacoma, Wash., Feb. 4 - Newfield Exploration Co. said it amended the tender offer and consent solicitation for its $175 million of 7 5/8% senior notes due 2011, increasing the purchase price and extending the expiration date.

The company will now pay $1,066 per $1,000 principal amount of notes. This includes a consent payment of $10 per note regardless of whether that note was tendered before or after the consent deadline, which was 5 p.m. ET on Feb. 3.

Prior to the change, the company was offering $1,050 per $1,000 principal amount, which included a consent payment of $10 only for notes tendered by the consent deadline.

Holders will also receive accrued interest up to but excluding the settlement date.

The expiration date was extended to 11:59 p.m. ET on Feb. 18 from Feb. 17. The offer began Jan. 20.

As of the consent deadline, holders had tendered approximately 19% of the notes. In addition, the holder of approximately 35% of the notes has given a non-binding indication of interest in tendering.

The offer is conditioned on, among other things, financing and the receipt of the required consents.

J.P. Morgan Securities Inc. (800 245-8812 or call collect 212 270-3994) is the dealer manager and solicitation agent. MacKenzie Partners, Inc. (800 322-2885 or call collect 212 929-5500) is the information agent.

Newfield Exploration is a Houston-based independent crude oil and natural gas exploration and production company.

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