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American Midstream gets consents needed to amend 8½% note indenture
By Wendy Van Sickle
Columbus, Ohio, June 5 – American Midstream Partners, LP and American Midstream Finance Corp. have received the requisite holder consents to amend the indenture governing their $425 million of 8½% senior notes due 2021, according to a Wednesday evening news release.
The consent solicitation expired at 5 p.m. ET on June 5 by which time the issuers had received consents from holders of more than 99% of the notes.
The issuers were soliciting consents from holders to amend certain provisions governing the notes.
Specifically, the amendments will eliminate the requirement to file certain reports with the Securities and Exchange Commission upon consummation of the pending merger with an affiliate of ArcLight Energy Partners Fund V, LP.
Other requirements that will no longer be applicable to the partnership following its expected conversion from a limited partnership into a member-managed limited liability company will also be removed.
Noteholders representing at least a majority of the total principal amount outstanding had to give consent for the adoption of the proposed amendments.
The issuers will pay a total of $2,125,000 as a consent payment on a pro rata basis to noteholders who deliver valid and unrevoked consents on or prior to the expiration date.
Only holders of record as of 5 p.m. ET on May 17 were eligible to deliver consents.
The consent solicitation was announced on May 20.
D.F. King & Co., Inc. is the information and tabulation agent. Questions and requests for copies of the consent solicitation statement should be directed to D.F. King at 212 269-5550 (collect) or 800 870-0653 (toll free) or via e-mail at amid@dfking.com.
Wells Fargo Securities is serving as solicitation agent (collect: 704 410-4756 or toll free: 866 309-6316).
Houston-based American Midstream Partners owns, operates, develops and acquires natural gas midstream energy assets.
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