Finance & Investing | Capital Markets
ECA Marcellus Trust Inks Exchange Offer
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Officials with Energy Corporation of America has accepted for payment all depositary units (NGT Depositary Units) of Eastern American Natural Gas Trust (NGT) that were validly tendered in its offer to exchange up to approximately 4.1 million common units of ECA Marcellus Trust I (ECT) that it owns for up to approximately 3.2 million NGT Depositary Units.
The offer to exchange expired at 11:59 P.M. (New York City time) at the end of the day on March 13, 2013.
As previously reported, the final exchange ratio of 1.361 was determined based on the volume weighted average trading price of ECT Common Units for the 10-day period ending on March 11, 2013 (the 18th business day following commencement of the Offer ($16.56)). Holders of NGT Depositary Units will receive 136 ECT Common Units and a…
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