Connacher Oil tenders for any and all 11¾% notes and 10¼% notes

By Jennifer Chiou

New York, May 10 - Connacher Oil & Gas Ltd. announced the start of a cash tender offer and consent solicitation for any and all of its $200 million of 11¾% first-lien senior secured notes due 2014 and its $587.34 million of 10¼% second-lien senior secured notes due 2015.

The Calgary, Alta.-based integrated oil company is soliciting consents to amend the note indentures.

The offer will end at midnight ET on June 7.

Those who tender prior to the consent deadline of 5 p.m. ET on May 23 will receive $1,070 per $1,000 principal amount of 11¾% notes and $1,095 for each $1,000 principal amount of 10¼% notes. The payouts include a $30 consent payment.

Connacher will also pay accrued interest up to the settlement date, which is slated for May 31.

The offer is conditioned on the receipt of consents from holders of at least a majority of the notes as well as sufficient financing.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) are the dealer managers. D.F. King & Co., Inc. is the depositary and the information agent.

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