The consent solicitation is to amend certain provisions of the Indenture governing the Bonds as described in a consent solicitation statement being sent by Maritimes to all holders of the Bonds as of June 15, 2006, the record date for the solicitation. Maritimes is seeking the consent to allow it to undertake certain construction activities for its Phase IV mainline pipeline system expansion without the need for receipt of a Ratings Affirmation from debt rating agencies.
The amendment is conditioned on the receipt of consents from holders of a majority in aggregate principal amount of the outstanding Bonds and other customary conditions.
The solicitation will expire at 5 p.m. EST, June 28, 2007, unless extended. Subject to the conditions set forth in the consent solicitation statement, Maritimes will pay a consent fee equal to 0.10 percent of the principal amount of Bonds ($1 per $1,000 principal amount of Bonds) to each holder that has delivered (and not revoked) a valid consent to the proposed amendment at or before 5 p.m. EST, June 28, 2007. Payment of such consent fee will be conditioned upon, and made following the satisfaction of the terms and conditions contained in the Consent Solicitation Statement. For a complete statement of the terms and conditions of the consent solicitation, holders of Bonds should refer to the consent solicitation statement.
The solicitation agent in connection with the consent solicitation is Credit Suisse Securities (USA) LLC (Credit Suisse). Questions regarding the consent solicitation may be directed to Credit Suisse at 800-820-1653 (toll free) or 212-538-0652 (collect). Global Bondholder Services Corporation is serving as information agent and tabulation agent in connection with the consent solicitation. Maritimes & Northeast Pipeline, L.L.C. is owned by affiliates of Spectra Energy (77.53 percent), Emera Inc. (12.92 percent) and Exxon Mobil Corporation (9.55 percent).
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