Quicksilver Resources announced today the launch of its consent solicitation seeking to amend the definition of "Designated Subsidiary" contained in the indenture governing its 1.875% Convertible Subordinated Debentures Due 2024 in order to provide Quicksilver with greater strategic and operational flexibility, including greater flexibility to grow and expand the operations of Quicksilver Gas Services Holdings LLC, Quicksilver Gas Services LP, its general partner, Quicksilver Gas Services GP LLC, and its subsidiaries.
The terms of the consent solicitation are as follows. Quicksilver is offering a consent fee of $5.00 per $1,000 principal amount of the 1.875% Convertible Subordinated Debentures Due 2024, to holders of record at the close of business on July 21, 2009 that validly provide their consent to the proposed amendment by the expiration time of 5:00 P.M., New York City time on July 31, 2009, unless extended. Quicksilver's obligation to accept consents and pay a consent fee to consenting holders is subject to numerous conditions as set forth in the consent solicitation statement. No default or event of default currently exists under the 1.875% Convertible Subordinated Debentures Due 2024.
Holders of the 1.875% Convertible Subordinated Debentures Due 2024 are urged to read and carefully consider the information contained in the consent solicitation statement.
BofA Merrill Lynch is acting as the sole solicitation agent for the consent solicitation. Global Bondholder Services is acting as tabulation and information agent for the consent solicitation.
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