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Published on 12/5/2017 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Endeavor gets tenders for 77.96% of 7% notes, 74.2% of 8 1/8% notes

By Susanna Moon

Chicago, Dec. 5 – Endeavor Energy Resources, LP said investors had tendered $389.8 million, or 77.96%, of its outstanding $500 million of 7% senior notes due 2021 in the offer that ended at 5 p.m. ET on Dec. 4.

Holders also had tendered $222.6 million, or 74.2%, of the company’s $300 million of 8 1/8% senior notes due 2023.

The tender count excludes about $5.4 million of 2021 notes and $1.8 million of 2023 notes that remain subject to guaranteed delivery procedures, according to a company update on Tuesday.

As announced Nov. 28, the company was offering to purchase all of the notes for $1,038.80 per $1,000 principal amount of 2021 notes and $1,076.50 per $1,000 principal amount of 2023 notes.

The company will also pay accrued interest to but excluding the settlement date of Dec. 7.

The tender offers were conditioned on the company receiving proceeds from a proposed debt financing.

Endeavor priced an upsized $1 billion of senior notes in two tranches on Nov. 28, increased from $800 million.

As reported, the deal included $500 million of eight-year notes, which priced at par to yield 5½%, and an upsized $500 million of 10-year notes at par to yield 5¾%. The tranche size increased from $300 million.

Goldman Sachs & Co. LLC (800 828-3182) and MUFG are acting as joint dealer managers. The information agent and tender agent is D.F. King & Co., Inc. (866 796-6867 or eerlp@dfking.com).

Endeavor is an oil and gas exploration and production company based in Midland, Texas.


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