ANR Pipeline Company Announces Interim Results of Tender Offer and Consent Solicitation for Its 8 7/8% Notes Due 2010
ANR Pipeline Company, a subsidiary of El Paso Corporation, announced the expiration of the consent period in connection with ANR’s previously announced tender offer to purchase all of its 8 7/8% Notes due 2010 (CUSIP No. 001814 AV4) and the related solicitations of consents to the proposed amendments to the indenture governing such notes.
As of 5:00 p.m., New York City time, on January 26, 2007 (the date and time corresponding to the consent deadline), approximately $269.2 million (or approximately 89.7%) of the $300.0 million total aggregate principal amount of outstanding notes had been validly tendered for purchase (and not validly withdrawn). Notes tendered prior to the January 26 deadline may no longer be withdrawn and consents delivered prior to the January 26 deadline may no longer be revoked.
The tender offer is scheduled to expire at 5:00 p.m., New York City time on February 12, 2007, unless extended or earlier terminated. Noteholders who provided consents to the proposed amendments and tendered their notes prior to the January 26 deadline will receive a consent payment of $20.00 per $1,000 principal amount of notes tendered and accepted for purchase pursuant to the offer. The total consideration to be paid per $1,000 principal amount of each validly tendered note accompanied by a properly delivered consent will be $1,048.13, which includes the consent payment. Noteholders who tender their notes after the January 26 deadline and prior to the expiration of the tender offer will be entitled to receive only the purchase price of the notes, which will be equal to the total consideration less the consent payment. ANR will pay the purchase price for notes validly tendered and accepted for purchase, as well as accrued and unpaid interest up to, but not including, the payment date. The payment date will occur promptly after the expiration of the tender offer, unless extended by ANR. Consummation of the tender offer, and any related payment, is subject to satisfaction of several conditions.
ANR also announced that it has received the requisite consents to adopt the proposed amendments pursuant to the consent solicitation. As a result, it is expected that ANR and the indenture trustee will execute a supplemental indenture in respect of such amendments, with such amendments to become operative upon the acceptance for payment of notes pursuant to the tender offer.
In connection with this tender offer and consent solicitation, ANR has retained Goldman, Sachs & Co. to serve as the dealer manager and solicitation agent, and Global Bondholder Services Corporation to act as information agent. Questions regarding the tender offer and consent solicitation may be directed to Goldman, Sachs & Co. at (800) 828-3182. Requests for documents may be directed to Global Bondholder Services Corporation at (866) 294-2200.
This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities. The tender offer and consent solicitation are being made solely by ANR’s Offer to Purchase and Consent Solicitation Statement dated January 12, 2007 and the related Letter of Transmittal.
ANR is a Delaware corporation incorporated in 1945 and an indirect wholly owned subsidiary of El Paso Corporation. ANR’s primary business consists of the interstate transportation, storage and gathering of natural gas. ANR conducts its business activities through its natural gas pipeline systems.
El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso owns North America’s largest natural gas pipeline system and one of North America’s largest independent natural gas producers. For more information, visit http://www.elpaso.com .
Source: El Paso Corporation
