Regency extends exchange offer in connection with midstream acquisition
Regency Energy Partners LP has announced that it and Regency Energy Finance Corp. have extended the expiration date of their previously announced offer to exchange and related consent solicitation in connection with the outstanding 8.375% senior notes due 2019 of Eagle Rock Energy Partners, L.P. and Eagle Rock Energy Finance Corp.
Pursuant to the exchange offer, Regency is offering to exchange any and all of the outstanding existing Eagle Rock notes, of which US$ 550 million in aggregate principal amount is outstanding, for up to US$ 550 million in aggregate principal amount of 8.375% senior notes due 2019 to be issued by the Regency Issuers.
Regency is conducting the exchange offer and consent solicitation in connection with its pending acquisition of Eagle Rock’s midstream business, and the closing of the exchange offer and consent solicitation are conditioned upon, among other things, consummation of the Eagle Rock Midstream Acquisition (including the satisfaction or waiver of all conditions to closing the Eagle Rock Midstream Acquisition).
In order for the closing of the exchange offer and consent solicitation to coincide with the expected closing of the Eagle Rock Midstream Acquisition, the expiration date for the exchange offer and consent solicitation has been extended to 11:59 pm, New York City time, on 30 June, 2014, unless otherwise extended or terminated by the Regency Issuers. All other terms of the exchange offer and consent solicitation remain unchanged. As of 12 June, 2014 at 11:59 pm, New York City time, Regency had received tenders from holders representing approximately 79.02% of the total outstanding principal amount of the existing Eagle Rock notes.
The new Regency notes have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws. The new Regency notes may not be offered or sold in the US or to any US persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/17062014/regency_extends_exchange_offer_in_connection_with_midstream_acquisition/
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