PetroQuest Energy Inc. (NYSE: PQ) has closed its private exchange offer to eligible holders of its outstanding 10% senior notes due 2017 (CUSIP No. 716748 AA6), and related consent solicitation to adopt certain amendments and waivers to the indenture governing the old notes.
At the closing, and in satisfaction of the consideration for $214,379,000 in aggregate principal amount of the old notes, representing 61% of the outstanding aggregate principal amount of old notes, validly tendered (and not validly withdrawn) in the exchange offer, PetroQuest paid approximately $53.6 million of cash, issued $144,674,000 aggregate principal amount of its newly issued 10% second lien senior secured notes, and issued 4,287,580 shares of its common stock. PetroQuest also paid in cash accrued and unpaid interest on old notes accepted in the exchange offer from the applicable last interest payment date to, but not including, Feb. 17 Interest on the new notes will accrue from Feb. 17, 2017.
Any old notes not tendered and exchanged for cash, new notes and shares pursuant to the exchange offer remain outstanding, and the holders are subject to the terms of the supplemental indenture implementing the indenture amendments.