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January 7, 2008 |
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EL PASO: Unit Discloses Result of Tender Offer for 5.95% Notes El Paso Corporation's subsidiary, Colorado Interstate Gas Company, disclosed the expiration and results of its cash tender offer to purchase up to US$125 million aggregate principal amount of its 5.95% Senior Notes due March 15, 2015 (CUSIP No. 196522AH9). The tender offer expired at 12:00 midnight, Eastern Time, on Dec. 27, 2007. US$183,525,000 in aggregate principal amount of notes were validly tendered in the tender offer. Because this amount exceeded the tender cap of US$125 million, the amount of notes accepted for purchase was prorated among tendering holders in accordance with the terms of the Offer to Purchase dated Nov. 29, 2007. The proration factor applied was approximately 68.1%, rounded down to the nearest US$1,000 of principal amount for each tendering holder. Merrill Lynch & Co. and J.P. Morgan Securities Inc. served as the dealer managers for the tender offer and Global Bondholders Services Corporation served as the depositary and information agent for the tender offer. About El Paso Corporation Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) --http://www.elpaso.com/-- is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. Colorado Interstate Gas Company is a majority owned subsidiary of El Paso Corporation, that conducts its business activities through its Colorado Interstate gas system, its 50% equity interest in WYCO Development LLC, and gas storage and processing facilities. Its business consists of the interstate transportation, storage and processing of natural gas. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB' corporate credit ratings on El Paso Corp. and subsidiaries. The outlook remains positive. |
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