Canadian Oil Sands Limited (COSL), a wholly owned subsidiary of Canadian Oil Sands Trust, launched a consent solicitation to amend the indentures relating to its 5.8% Senior Notes due 2013, its 7.75% Senior Notes due 2019, its 7.9% Senior Notes due 2021 and its 8.2% Senior Notes due 2027. The purpose of the consent solicitation is to conform certain Indenture definitions and to facilitate the conversion of Canadian Oil Sands Trust and its subsidiary entities into a corporate structure (the "Reorganization"). As part of the Reorganization, COSL will transfer all or substantially all of its assets to a newly formed Canadian Oil Sands Partnership I (the "Partnership") and the Partnership will issue a full, unconditional and irrevocable guarantee of COSL's obligations under each of the Indentures.
The proposed amendments to the Indentures are fully described in the consent solicitation statement. Holders of the notes are urged to read and carefully consider the information contained in the consent solicitation statement.
COSL is offering a consent fee of US$2.50 per US$1,000 principal amount of its Notes to holders of record at the close of business on Jan. 8, 2010 that validly provide their consent to the proposed amendments by 5 p.m. EST on Jan. 22, 2010. COSL's obligation to accept consents and pay a consent fee to consenting holders is subject to conditions as set forth in the consent solicitation statement.
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