HOUSTON, Jan. 12 /PRNewswire-FirstCall/ -- ANR Pipeline Company, a subsidiary of El Paso Corporation , today announced that it has initiated a cash tender offer to purchase all of the $300,000,000 outstanding aggregate principal amount of its 8 7/8% Notes due 2010 (CUSIP No. 001814 AV4). Also, in conjunction with the tender offer, ANR is soliciting consents to eliminate the restrictive covenants from the indenture governing the notes.
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 provide consents to the proposed amendments and tender their notes will receive a consent payment of $20.00 per $1,000 principal amount of notes tendered and accepted for purchase pursuant to the offer, but only if they provide their consents and tender their notes on or prior to 5:00 p.m. New York City time, on January 26, 2007, unless ANR extends that deadline. 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. 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, including the receipt by ANR of valid tenders of a majority of the currently outstanding principal amount of notes.
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/ .
