PGS Clarifies Tender Offer Purchase Price Fixing Date
Petroleum Geo-Services says that in conjunction with its cash tender offer and consent solicitation for any and all of its outstanding $745.9 million aggregate principal amount of 10% Senior Notes due 2010 it is correcting an inconsistency in the description of the timing of the fixing of the purchase price provided in the press release earlier today. The earlier press release correctly stated that the purchase price for each $1,000 principal amount of Notes validly tendered and accepted for payment pursuant to the tender offer will be determined at 2 p.m. New York City time on November 29, 2005, unless extended, in the manner described in the Offer to Purchase.
Consequently, the purchase price will be determined by taking a fixed spread of 50 basis points over the bid side yield to maturity of the 3.00% U.S. Treasury Note due November 15, 2007 as quoted on Bloomberg Reference Page PX4 at 2 p.m. ET, on November 29, 2005, and not on November 15, 2005 as incorrectly stated in the earlier press release.
The Tender Offer and Solicitation of Consents are made solely
on the terms and conditions set forth in the Offer to Purchase,
dated November 15, 2005. Under no circumstances shall this
press release constitute an offer to buy or the solicitation
of an offer to sell the Notes or any other securities of
the company. It also is not a solicitation of consents to
the proposed amendments to the indenture. No recommendation
is made as to whether holders of the Notes should tender
their Notes or give their consent.
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