Parallel Petroleum Corporation Commences Change of Control Offer for Its 10 1/4% Senior Notes Due 2014
October 30 2009 - 3:37PM
Business Wire
Parallel Petroleum Corporation (NASDAQ: PLLL) (“Parallel”) today
announced that it has commenced a change of control offer for any
and all of its outstanding $150,000,000 principal amount of 10 1/4%
Senior Notes due 2014 (the “Notes”). The change of control offer is
being made pursuant to Parallel’s obligations under the indenture
governing the Notes, which requires Parallel to make an offer to
purchase the Notes following a “Change of Control” (as defined in
the indenture). A “Change of Control” occurred on October 23, 2009
as a result of the purchase of more than 50% of the outstanding
shares of common stock of Parallel, including the associated
preferred stock purchase rights (collectively, the “Shares”) by
PLLL Acquisition Co. and PLLL Holdings, LLC, entities formed for
the purpose of acquiring Parallel and wholly owned subsidiaries of
an affiliate of Apollo Global Management, LLC, in connection with
the tender offer for all of Parallel’s outstanding Shares.
As required by the indenture and the Notes, the purchase price
with respect to each series of Notes is equal to 101% of the
principal amount of such Notes, plus accrued interest payable. The
payment date will be December 2, 2009.
The change of control offer will expire at 5:00 P.M., New York
City time, on December 1, 2009, unless extended. The terms and
conditions of the change of control offer are set forth in
Parallel’s Change of Control Notice and Offer to Purchase dated
October 30, 2009 and the Letter of Transmittal related thereto.
Parallel has retained Wells Fargo Bank, National Association to
act as Depositary and Laurel Hill Advisory Group to act as
Information Agent in connection with the change of control offer.
Questions regarding how to tender the Notes subject to the change
of control offer and requests for the Change of Control Notice and
Offer to Purchase and other documents may be made to Wells Fargo
Bank, National Association by telephone at 800-344-5128 and to
Laurel Hill Advisory Group by telephone at 888-742-1305.
This announcement does not constitute an offer to buy, or a
solicitation of an offer to sell, the Notes. No recommendation is
made by Parallel as to whether or not holders of the Notes should
tender their Notes pursuant to the change of control offer. The
change of control offer is being made only by means of the Change
of Control Notice and Offer to Purchase.
About Parallel Petroleum Corporation
Parallel Petroleum Corporation is an independent energy company
headquartered in Midland, Texas, engaged in the exploitation,
development, acquisition and production of oil and gas using 3-D
seismic technology and advanced drilling, completion and recovery
techniques. Parallel’s primary areas of operation are the Permian
Basin of West Texas and New Mexico, North Texas Barnett Shale,
Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado.
Additional information on Parallel is available via the internet at
www.plll.com.
Piedmont Lithium Ltd (NASDAQ:PLLL)
Historical Stock Chart
From Nov 2024 to Dec 2024
Piedmont Lithium Ltd (NASDAQ:PLLL)
Historical Stock Chart
From Dec 2023 to Dec 2024
