ANR Pipeline gets necessary consents for 8 7/8% notes

By Jennifer Chiou

New York, Jan. 29 - ANR Pipeline Co. announced the receipt of the required consents to amend its $300 million of 8 7/8% notes due 2010.

As of the consent deadline at 5 p.m. ET on Jan. 26, the company received tenders from holders of $269.2 million or 89.7% of the notes.

The natural gas storage and transportation subsidiary of Houston-based El Paso Corp. was soliciting consents to eliminate restrictive covenants from the note indenture as part of a tender offer for the notes.

Following receipt of consents, ANR said it expects to execute a supplemental indenture.

In the tender, ANR will pay $1,048.13 per $1,000 principal amount of notes, a total that includes the consent payment of $20.00 per $1,000 principal amount. Holders will only receive the consent payment if they tendered by the consent deadline. The company will also pay accrued interest up to but excluding the payment date.

Expiration for the offer is 5 p.m. ET on Feb. 12. The offer began on Jan. 29.

Goldman, Sachs & Co. is dealer manager and solicitation agent (800 828-3182). Global Bondholder Services Corp. is information agent (866 294-2200).

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