Stone Energy Corp. (SGY) announced that it has received on January 25, tenders and consents from holders of over 96.6% of the aggregate principal amount of its outstanding 8 1/4% Senior Subordinated Notes due 2011 in connection with its tender offer and consent solicitation for the Notes, which commenced on January 11.
Stone intends to execute a supplemental indenture to the indenture governing the Notes to permit Stone to redeem the Notes on as little as three days prior written notice. The Supplemental Indenture will not become operative until a majority in aggregate principal amount of the outstanding Notes has been purchased by Stone, which is expected to occur on January 26.
The tender offer will expire on February 9.
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