This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PetroQuest Energy Announces Receipt Of Requisite Consents With Respect To Its Tender Offer And Consent Solicitation For Its 10 3/8% Senior Notes Due 2012

LAFAYETTE, La., Aug. 19 /PRNewswire-FirstCall/ -- PetroQuest Energy, Inc. (NYSE: PQ) announced today that it had received, as of 5:00 p.m., New York City time, on August 18, 2010 (the "Consent Date"), tenders and consents from holders of over 73% of the aggregate principal amount of its outstanding 10 3/8% Senior Notes due 2012 (the "Notes") in connection with its previously announced cash tender offer (the "Tender Offer") and consent solicitation (the "Consent Solicitation," and together with the Tender Offer, the "Offer") for any and all of the Notes, which commenced on August 5, 2010 and is described in the Offer to Purchase and Consent Solicitation Statement dated August 5, 2010 (the "Offer to Purchase").

The Company intends to execute a supplemental indenture (the "Supplemental Indenture") to the indenture governing the Notes that would, among other things, eliminate substantially all of the covenants and events of default contained therein. The Supplemental Indenture will not become operative until a majority in aggregate principal amount of the outstanding Notes has been purchased by the Company pursuant to the terms of the Offer, which is expected to occur today, August 19, 2010.

The Company's obligation to accept for purchase, and to pay for, any Notes pursuant to the Offer is subject to a number of conditions that are set forth in the Offer to Purchase, including the closing today of the Company's previously announced public offering of $150 million aggregate principal amount of 10% Senior Notes due 2017. Subject to the satisfaction or waiver of these conditions, on August 19, 2010, all holders who validly tendered (and did not validly withdraw) their Notes prior to the Consent Date will receive total consideration equal to $1,028.44 per $1,000 principal amount of the Notes, which includes a consent payment of $2.50 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for such Notes accepted for purchase.

Holders who tender (and do not validly withdraw) their Notes after the Consent Date and prior to the expiration of the Offer, will be entitled to receive consideration equal to $1,025.94 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for such Notes accepted for purchase. Holders of Notes tendered after the Consent Date will not receive a consent payment. The Offer will expire at 11:59 p.m., New York City time, on September 1, 2010, unless extended by the Company in its sole discretion.

Any Notes not tendered and purchased pursuant to the Offer will remain outstanding and the holders will be subject to the terms of the Supplemental Indenture even though they did not consent to the amendments.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
PQ $1.39 -3.50%
AAPL $122.77 0.00%
FB $94.20 -2.80%
GOOG $627.26 0.00%
TSLA $253.39 -4.50%

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs