Aethon United Completes Tender Offer for Senior Notes Successfully
Aethon United Completes Tender Offer for Senior Notes
Aethon United BR LP, commonly referred to as Aethon United, has recently concluded its cash tender offer for the 8.25% Senior Notes due 2026. This offer aimed to buy back all outstanding Notes and was officially set to expire at 5:00 p.m. on a given date.
Overview of the Tender Offer
As the tender offer reached its expiration, Aethon United announced it had secured tenders for a significant amount—amounting to $733,474,000, which represented 97.80% of the total Notes outstanding. It’s important to note that a small portion of the notes, amounting to $3,463,000, remained under guaranteed delivery procedures, as outlined in the offer documents.
Purchase Price and Settlement Date
The price for each accepted Note is set at $1,013.52 for every $1,000 principal amount tendered. This purchase will take place on an upcoming Settlement Date, where interest will halt accruing as of that date for all accepted Notes. Aethon plans to retire all purchased Notes promptly after their acceptance.
Conditions of the Tender Offer
The tender offer was contingent upon satisfying certain conditions, particularly the successful completion of concurrent debt financing. Aethon United intends to utilize a portion of the proceeds from this financing to fund the tender offer. Importantly, the offer wasn't dependent on a minimum amount of Notes being tendered, allowing a flexible and favorable process overall.
Future Plans for Notes Not Purchased
Aethon United also made clear its intentions concerning Notes that were not acquired through the tender offer. They plan to execute a redemption process, likely scheduled for early next year, which will allow them to redeem any remaining Notes that have not been tendered at the principal amount, plus interest where applicable.
Role of the Dealer Manager
For this tender offer, Aethon United has engaged J.P. Morgan Securities LLC to act as the exclusive Dealer Manager. They are responsible for managing inquiries about the terms of this offer, ensuring all stakeholders have the necessary information.
About Aethon United
Aethon United stands tall as a natural gas powerhouse, primarily focused on the exploration and development of natural gas properties. With extensive operations in the Haynesville Basin, it's recognized as one of the largest privately-held gas producers in its region. Aethon's strategy is not just about exploration; they are also dedicated to sustainable practices and have structured an impressive network of natural gas gathering pipelines.
Aethon’s Commitment to Sustainability
With more than 800 miles of pipelines and a robust capacity in treating, Aethon United emphasizes reducing emissions while enhancing operational efficiency. Their proximity to crucial Gulf Coast markets further strengthens their competitive advantage in the gas sector.
Aethon Energy Management
Aethon Energy Management, the entity that oversees Aethon United, is a well-regarded private investment firm. Focused on onshore energy resources, it has a long history of investment, having deployed significant capital over decades. This management plays a crucial role in the strategic direction and financial health of Aethon United.
Frequently Asked Questions
What is the tender offer that Aethon United announced?
The tender offer is Aethon United's initiative to purchase its 8.25% Senior Notes that are due in 2026.
How much of the outstanding Notes were tendered?
Aethon United received tenders for approximately $733,474,000, which is about 97.80% of the total outstanding amount.
What is the purchase price for the Notes?
The purchase price is set at $1,013.52 for each $1,000 principal amount of the validly tendered Notes.
What happens to the Notes not purchased?
Aethon United plans to redeem all Notes not acquired in the tender offer at a later date.
Who can I contact for more information about the tender offer?
Inquiries can be directed to J.P. Morgan Securities LLC, which is acting as the Dealer Manager for the tender offer.
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