Copano starts tender offer, consent solicitation for 8 1/8% notes

By Jennifer Chiou

New York, March 22 - Copano Energy, LLC announced the start of a cash tender offer for any and all of its $332,665,000 of 8 1/8% senior notes due 2016.

The company is also soliciting consents to amend the note indenture to eliminate most of the covenants and certain events of default.

The tender will end at 11:59 p.m. ET on April 18.

Those who tender prior to the consent deadline of 5 p.m. ET on April 4 will receive $1,044.00 for each $1,000 principal amount of notes, including a consent payment of $3.375.

Copano will also pay accrued interest.

The withdrawal deadline is also set for April 4.

Early settlement is slated for April 5, with final settlement on April 19.

If the tender is completed, Copano said it intends to exercise its right to redeem any outstanding notes.

The company said that the offer has a financing condition. It is also needs consents from holders of a majority of the notes.

J.P. Morgan Securities LLC (800 245-8812) is the dealer manager. D.F. King & Co., Inc. (800 967-4604 or 212 269-5550 for banks and brokers) is the depositary and information agent.

Houston-based Copano is a midstream natural gas company with operations in Oklahoma, Texas, Wyoming and Louisiana.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.