Bill Barrett Corp. (NYSE: BBG) announced Feb. 19 a purchase offer for its 5% convertible senior notes due 2028.
If all outstanding notes are surrendered for purchase, the aggregate purchase price will be about $25.3 million. The Denver company said it has sufficient cash on hand to fund the purchase price of the notes.
Note holders' opportunity to require the company to purchase their notes will commence on Feb. 19, and will terminate at 5 p.m. ET on March 19. Holders may withdraw any previously delivered purchase notice pursuant to the terms of the purchase offer at any time prior to 5:00 PM ET on March 19, 2015.
The cash purchase price per $1,000 principal amount of notes will be $1,000 plus unpaid interest of about $0.69 for the period from March 15 up to the March 20 purchase date. March 15 is an interest payment date for the notes, and the related record date is March 1.
Regardless of whether any note may be surrendered in the purchase offer, the installment of accrued but unpaid interest payable for the period ending on March 15 will be paid on March 16 (as March 15 is not a business day) to the holders in whose names the notes are registered at 5 p.m. ET on March 1. Consequently, the purchase price payable for any note duly surrendered and not withdrawn in the offer will include accrued interest for the period from March 15 up to, but not including, the March 20 purchase date.
The paying agent is Deutsche Bank Trust Co. Americas.
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