| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for RAAM Global Energy Co. > News item |
RAAM Global pulls exchange offer for 12½% notes; no reason given
By Susanna Moon
Chicago, Aug. 24 – RAAM Global Energy Co. said it terminated its offer to exchange any and all of its outstanding 12½% senior secured notes due 2015.
The exchange offer ended at 11:59 p.m. ET on Aug. 20, and the company has opted to return all of the tendered notes to holders, according to a company press release.
No other information was provided in the release.
As previously announced, in exchange for tendered notes, the company was offering to issue new 12½% senior secured notes due 2019 and common stock.
RAAM also was soliciting consents to amend the notes indenture.
As of 5 p.m. ET on Aug. 13, holders had tendered $225.6 million principal amount, or 94.8%, of the outstanding notes. Holders had tendered $226.6 million principal amount, or 95.2%, of the outstanding notes as of 5 p.m. ET on Aug. 6.
The offer had been extended from 11:59 p.m. ET on Aug. 13, Aug. 6, July 30, July 23, July 16, July 9 and, before that, July 1.
On July 1, RAAM pushed back the expiration and also made amendments so that holders who tender their notes will no longer become party to a shareholders agreement with the company and certain stockholders, the company said.
Instead, RAAM said it would amend its bylaws to reflect agreements that were previously included in the shareholders agreement, specifically, to permit Farallon Capital Management, LLC and Stonehill Capital Management to each appoint two individuals to RAAM’s board of directors and members of RAAM’s senior management to appoint three individuals to fill the remaining seats on the board.
RAAM is a Lexington, Ky.-based oil and gas company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.