Based on the preliminary count by the depositary for the tender offer, an aggregate of 38,988,994 shares of EPL common stock were properly tendered and not withdrawn at a price of $23.00 per share, including 6,564,036 shares that were tendered through notice of guaranteed delivery. This represents approximately 97% of the issued and outstanding common shares of EPL. Based on these preliminary results, the Company expects to purchase 8,700,000 shares in the tender on a pro rata basis pursuant to procedures specified in EPL's Tender Offer Statement.
The results announced are preliminary and subject to verification by the depositary of the proper delivery of the shares validly tendered and not withdrawn. Final results will be announced following the completion of the verification and the proration process. The Company expects payment for the shares accepted for purchase and the return of all shares tendered and not accepted for purchase to occur within one week.
EPL also announced today that it has successfully completed the previously announced offering of $450 million aggregate principal amount of senior unsecured notes, consisting of $300 million aggregate principal amount of 9 3/4% Senior Notes due 2014 and $150 million aggregate principal amount of Senior Floating Rate Notes. The interest rate on the Senior Floating Rate Notes for a particular interest period will be an annual rate equal to the three-month LIBOR as determined on the related interest determination date plus 5.125%. Additionally, the Company also announced that it has secured a new $300 million revolving credit facility with an initial availability of $225 million and a borrowing base of $200 million to replace its existing credit facility.
The Company also stated that it had purchased $143.4 million in principal amount of its outstanding Senior Notes due 2010 (the "Notes") (CUSIP No. 29270UAC9) all of which had been tendered by the Consent Payment Deadline on April 9, 2007 pursuant to its previously announced cash tender offer to purchase any and all of the Notes, or approximately 96% of the Notes outstanding. The tender offer for the Notes is set to expire at 5:00 p.m. EDT, on May 3, 2007. Any other outstanding Notes may be tendered up until such time.
Richard A. Bachmann, EPL's Chairman and CEO, commented, "We are pleased to have successfully completed our equity tender offer, debt placement, refinancing of our revolving credit facility and repurchase of our previously outstanding Notes within the time frame we initially established. While there are a few items to be wrapped up, we look forward to focusing our full attention on our core business including our exciting drilling program."
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