Forest Oil Corp. (NYSE: FST) announced Nov. 22 the results of its cash tender offer to purchase up to $700 million of its 7.5% senior notes due 2020 and its 7.25% senior notes due 2019.
According to Forest, some $277.9 million and $890.6 million of the 2020 notes and the 2019 notes, respectively, had been tendered. Because the total principal amount of all notes tendered as of the early tender date is more than the aggregate maximum tender amount, Forest expects to accept all of such 2020 notes for purchase, and to accept on a prorated basis an amount of such 2019 notes so that the aggregate principal amount of the accepted notes equals the aggregate maximum tender amount.
Forest’s acceptance of any notes for purchase is subject to the satisfaction or waiver of the conditions to the offer, including closing the pending sale of the company’s oil and gas assets in the Texas Panhandle area. Such closing could occur as early as Nov. 25. Forest also expects to make payment for all accepted notes on the same business day that such closing occurs or on the next business day, depending upon the time of day the sale closes.
The withdrawal period for tenders of notes has expired, and Notes tendered in the Offer may no longer be withdrawn, except in limited circumstances described in the offer to purchase.
Wells Fargo Securities LLC, BofA Merrill Lynch, and Citigroup Global Markets Inc. are dealer managers.
Forest Oil Corp. is an independent energy company engaged in the acquisition, exploration, development, and production of oil, natural gas, and NGLs primarily in North America. The company is headquartered in Denver.
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