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Athlon to redeem 35% of 7 3/8%, 6% notes on Dec. 15, the rest Dec. 16
By Marisa Wong
Madison, Wis., Nov. 17 – Athlon Holdings LP and Athlon Finance Corp. issued conditional notices of redemption on Nov. 14 to holders of their 7 3/8% senior notes due 2021 and 6% senior notes due 2022, according to an 8-K filing with the Securities and Exchange Commission.
The issuers will redeem $175 million, or 35%, of the total principal amount of their 7 3/8% notes outstanding and $227.5 million, or 35%, of the total principal amount of their 6% notes outstanding on Dec. 15.
The redemption price will be 107.375 for the 7 3/8% notes and 106 for the 6% notes plus, in both cases, accrued interest to but excluding the redemption date.
The equity claw redemptions are conditioned on completion of an equity offering.
On Nov. 14, the companies also issued a notice of make-whole redemption to holders of their 7 3/8% notes.
The issuers will redeem all of the remaining 7 3/8% notes outstanding on Dec. 16.
Unless the equity claw redemption does not take place, $325 million, or 65%, of the 7 3/8% notes will be outstanding on the make-whole redemption date.
The make-whole redemption price will be par plus an applicable premium and accrued interest to but excluding the redemption date.
In addition, the companies issued a notice of change-of-control redemption on Nov. 14 to holders of their 6% notes.
The issuers will redeem all of the 6% notes outstanding on Dec. 16.
Unless the equity claw redemption does not occur, $422.5 million, or 65%, of the 6% notes will be outstanding on the change-of-control redemption date.
The redemption price for the 6% notes will be 110 plus accrued interest to but excluding the redemption date.
Athlon is an oil and gas company based in Fort Worth.
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