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Ipsco Receives Consents for Cash Tender Solicitation
07/03/2007 - Ipsco has received consents from holders of approximately 99.15% of its outstanding 8-3/4 percent Senior Notes due 2013 for its previously announced tender offer and consent solicitation.
Ipsco Inc. says it has received consents from the holders of approximately $142.6 million in aggregate, or 99.15% in aggregate, of its outstanding 8-3/4 percent Senior Notes due 2013 as of June 29, 2007 for its previously announced tender offer and consent solicitation.
The consents received exceeded the number needed to approve the adoption of the proposed amendments to the indenture under which the Notes were issued.
Based on the consents received, Ipsco, the guarantors and trustee under the indenture governing the Notes are expected to enter into a supplemental indenture that will (once operative) eliminate substantially all of the restrictive covenants in the Note indenture and certain of the events of default, and will also modify certain other provisions. The supplemental indenture will not become operative unless and until Notes are accepted for payment by Ipsco pursuant to the tender offer.
Holders who validly tendered their Notes on or prior to the Consent Date will be eligible to receive the total consideration offered in the tender offer and consent solicitation if the Notes are accepted for payment as described. Holders who validly tender their Notes after the Consent Date, and on or prior to July 17, 2007, will be eligible to receive the total consideration less the consent payment (namely the tender offer consideration) if the Notes are accepted for payment as described. Notes tendered after the Consent Date may not be withdrawn.
Ipsco Inc.'s offer to purchase the Notes is subject to satisfaction or waiver of the various conditions as described in the Offer to Purchase. The tender offer is scheduled to expire July 17, 2007, subject to Ipsco's right to amend, extend, or terminate the tender offer at any time.
J.P. Morgan Securities Inc. is the sole Dealer Manager for the tender offer and the consent solicitation. Global Bondholder Services Corporation is the Information Agent and the Depositary for the tender offer and the consent solicitation.
Founded in 1956 and incorporated under the laws of Canada, Ipsco is a leading producer of energy tubulars and steel plate in North America with a current annual steelmaking capacity of 4.3 million tons. Ipsco operates four steel mills, eleven pipe mills, and scrap-processing centers and product finishing facilities in 25 geographic locations across the United States and Canada. Ipsco's pipe mills produce a wide range of seamless and welded energy tubular products including oil & gas well casing, tubing, line pipe and large-diameter transmission pipe. Ipsco is also a provider of premium connections for oil and gas drilling and production.
