Stone Energy Corp. (SGY) announced the commencement of a cash tender offer and consent solicitation for any and all of its $200 million aggregate principal amount of 8-1/4% senior subordinated notes due 2011. The tender offer and consent solicitation are described in the offer to purchase and consent solicitation statement dated January 11, 2010. The Offer will expire on February 9, 2010.
Holders who validly tender their notes will receive total consideration equal to $1002.50 per $1,000 principal amount of the notes, including a consent payment of $30.00 per $1,000 principal amount of the notes.
Holders who tender their notes after the consent expiration and prior to the expiration time will be entitled to receive consideration equal to $972.50 per $1,000 principal amount of the notes.
Further, Stone Energy announced that for 2010 the board has authorized a capital expenditure budget of $400 million, compared to a $300 million capital budget for 2009 and excludes material acquisitions and capitalized SG&A and interest.
About 25% of the capital expenditure budget is expected to be spent on Appalachian drilling and acreage acquisition, around 25% is planned for Gulf of Mexico shelf exploitation and approximately 15% is for GOM workover/recompletion projects and about 15% is scheduled for Gulf of Mexico deep water and deep shelf expenditures and the remaining budget is for facilities, abandonment projects, and miscellaneous exploration projects.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.