Crescent Resources Announces Expiration of Consent Solicitation for Senior
Secured Notes Due 2017
CHARLOTTE, N.C., Feb. 6, 2013
CHARLOTTE, N.C., Feb. 6, 2013 /PRNewswire/ -- Crescent Resources, LLC (the
"Company") announced today the expiration and final results of the previously
announced solicitation of consents (the "Consent Solicitation") to amend (the
"Proposed Amendments") the indenture (the "Indenture") governing the Company's
and its wholly owned subsidiary, Crescent Ventures, Inc.'s, (together, the
"Issuers"), 10.250% Senior Secured Notes due 2017 (the "Notes"). The Consent
Solicitation expired pursuant to its terms at 5 p.m., New York City time, on
February 5, 2013(the "Expiration Time").
As of the Expiration Time, consents had been delivered with respect to
$347,625,000 of the Notes (representing approximately 99% of the outstanding
aggregate principal amount of Notes). The Consent Solicitation was made in
accordance with the terms and subject to the conditions stated in a Consent
Solicitation Statement dated January 29, 2013, as amended by a Supplement No.
1 to Consent Solicitation Statement dated February 1, 2013 (the "Consent
Solicitation Statement"), to holders of record at 5:00 p.m., New York City
time, on January 28, 2013. The holders of accepted consents will receive a
consent fee pursuant to terms of the Consent Solicitation Statement.
The Company previously announced that consents had been delivered with respect
to $272,158,000 of the Notes (representing approximately 78% of the
outstanding aggregate principal amount of Notes as of January 28, 2013) and
that, in conjunction with receiving the requisite consents, the Issuers and
The Bank of New York Mellon Trust Company, N.A., as trustee, executed a first
supplemental indenture to the Indenture adopting the Proposed Amendments.
The Issuers retained Credit Suisse Securities (USA) LLC to act as Solicitation
Agent in connection with the Consent Solicitation. Questions about the
Consent Solicitation may be directed to Credit Suisse at (800) 820-1653 (toll
free) or (212) 325-2476 (collect). Requests for copies of the Consent
Solicitation Statement and related documents, and assistance relating to the
procedures for delivering consents, may be obtained by contacting Global
Bondholder Services Corporation, the Information and Tabulation Agent, at
(866) 857-2200 (toll free).
This press release is for informational purposes only and is not an offer to
buy or the solicitation of an offer to sell with respect to any securities.
The Consent Solicitation was made only by the Consent Solicitation
Statement. The Consent Solicitation was not made to holders of Notes in any
jurisdiction in which the making thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of
the securities laws. Forward-looking statements are not guarantees. The
Company believes that its expectations reflected in the forward-looking
statements are based on its reasonable beliefs, assumptions and expectations,
and have taken into account all information currently available to the
Company. Such beliefs, assumptions and expectations are subject to risks and
uncertainties and can change as a result of future economic, competitive and
market conditions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control. The Company
can give no assurance that any of the events anticipated by its
forward-looking statements will occur or, if any of them do, what impact they
will have on the Company's results of operations and financial condition. The
Company undertakes no obligation to update or revise its forward-looking
statements to reflect events or circumstances that arise after the date of
this press release.
SOURCE Crescent Resources, LLC
Contact: Heather Tamol, +1-704-926-1326
Press spacebar to pause and continue. Press esc to stop.