Brigham Exploration Co., Austin, Texas, (Nasdaq: BEXP) reports the results to date of its previously announced cash tender offer and consent solicitation for any and all of its $160 million outstanding principal amount of 9 5/8% senior notes due 2014, and receipt of the requisite consents to adopt the proposed amendments to the indenture governing the notes.
As of Sept. 24, the deadline for holders to tender their notes in order to receive the consent payment, tenders and consents had been received from holders of $154.4 million in aggregate principal amount of the notes, representing approximately 96.5% of the outstanding notes.
If the conditions set forth in the offer are met and Brigham accepts the notes tendered by the consent date, Brigham intends to call for redemption on Oct. 8 all notes that remain outstanding after the consummation of the offer at a redemption price of $1,048.13 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, the redemption date.
Credit Suisse and BofA Merrill Lynch are dealer managers and solicitation agents.
Brigham has oil and gas assets along the Gulf Coast; the Anadarko Basin in the Texas Panhandle and western Oklahoma; the Powder River Basin and Williston Basin in the Rockies; and the Permian Basin in West Texas.
Recommended Reading
Despite LNG Permitting Risks, Cheniere Expansions Continue
2024-02-28 - U.S.-based Cheniere Energy expects the U.S. market, which exported 86 million tonnes per annum (mtpa) of LNG in 2023, will be the first to surpass the 200 mtpa mark—even taking into account a recent pause on approvals related to new U.S. LNG projects.
FERC Says 32 Bcf/d in US LNG Capacity Approved, Not Yet Built
2024-01-29 - The FERC—which has jurisdiction over the siting, construction and operation of LNG export facilities in the U.S.—reported that 18 projects worth 32 Bcf/d of export capacity have obtained approval but are yet to be built.
Watson: Implications of LNG Pause
2024-03-07 - Critical questions remain for LNG on the heels of the Biden administration's pause on LNG export permits to non-Free Trade Agreement countries.
Biden Totters the US LNG Line Between Environment, Energy Security
2024-01-30 - Recent moves by U.S. President Joe Biden targeting the country’s LNG industry, which has a number of projects in the works, are an attempt to satisfy environmentalists ahead of the next upcoming presidential election.
Reports: White House Considering Climate Test for LNG Terminals
2024-01-17 - Seeking to shore up environmental support during an election year, President Joe Biden’s administration is weighing a tougher test for LNG export facilities.