Finance & Investing | Debt | Deals - Acquisition, Mergers, Divestitures | Capital Markets
EIG Pacific Ends Bid For Pacific Exploration; What's Next?
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EIG Pacific Holdings, Ltd., announced today that it has terminated its offers to acquire the $4.10 billion aggregate principal amount of Senior Notes of Pacific Exploration and Production Corp. EIG had offered the bondholders 16 cents on the dollar and had promised an overhaul of Pacific's management and to sell off assets.
The Tender Offers were previously scheduled to expire on March 24, 2016. The Offeror has instructed the information and tender agent for the tender offer to promptly return all tendered Notes to tendering Noteholders.
Pacific Exploration, which is listed on the Toronto Stock Exchange but which has most of its assets in Colombia, has been hit hard by falling oil prices and a lack of new discoveries.
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