Petrohawk to make change-of-control offer for its 7 7/8%, 10½% notes

By Jennifer Chiou

New York, Aug. 24 -BHP Billiton Ltd.'s acquisition of Petrohawk Energy Corp. means Petrohawk is required to give notice of a change of control to holders of its $600 million of 10½% senior notes due 2014 and $800 million of 7 7/8% senior notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

As a result of the change of control, the company must make an offer to purchase the notes not earlier than 30 days nor later than 60 days after the date of the notice at a price of 101% of par plus accrued interest.

BHP wrapped its offer to acquire all of Petrohawk's shares for $38.75 each at midnight ET on Aug. 19. According to the depositary, 293.9 million shares, or 97.4% of the total amount, were validly tendered.

Petrohawk is a Houston-based explorer, developer and producer of oil and natural gas properties. BHP is a London-based company focused on discovering and developing natural resources.

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