Exploraciones y Perforadora Central Announces Expiration and Results of Tender Offers

Dec 20, 2010, 11:22 ET from Exploraciones y Perforadora Central, S.A. de C.V.

MEXICO CITY, Dec 20, 2010 /PRNewswire/ -- Exploraciones y Perforadora Central, S.A. de C.V., a corporation organized under the laws of Mexico (the "Company"), announced the results of its previously announced tender offers (the "Tender Offers") to purchase any and all of its outstanding United States Government Guaranteed Export Ship Financing Obligations, TONALA Series A (CUSIP 71375Q AB 6) (the "Series A Securities") and United States Government Guaranteed Export Ship Financing Obligations, TONALA Series B (CUSIP 71375Q AC 4) (the "Series B Securities" and, together with the Series A Securities, the "Securities"), which expired at 5:00 p.m., New York City time, on December 17, 2010 (the "Expiration Date").

A total of $38,965,000 aggregate principal amount of Series A Securities and $16,984,000 aggregate principal amount of Series B Securities were validly tendered and not validly withdrawn prior to the Expiration Date, all of which have been accepted for purchase by the Company.  These principal amounts represent 89% and 75%, respectively, of the aggregate principal amount currently outstanding of the Series A Securities and the Series B Securities.  Settlement of the Tender Offers is expected to occur today.

The holders of the Series A Securities that were accepted for purchase will be entitled to receive the total consideration of $1,140.79 per $1,000 principal amount of Series A Securities accepted for purchase, multiplied by the scaling factor of 0.533503 as described in the Offer to Purchase dated December 9, 2010, and the holders of the Series B Securities that were accepted for purchase will be entitled to receive the total consideration of $1,127.96 per $1,000 principal amount of Series A Securities accepted for purchase.  Payments for Securities purchased will also include accrued and unpaid interest up to, but not including, the settlement date.

Citi acted as the dealer manager for the Tender Offers, and Global Bondholder Services Corporation served as the depositary and information agent.  Persons with questions regarding the Tender Offers should contact Citi at (toll-free) (800) 558-3745 or (collect) (212) 723-6106, or Global Bondholder Services Corporation at (banks and brokers) (212) 430-3774 or (toll-free) (866) 873-5600.

About Exploraciones y Perforadora Central

Exploraciones y Perforadora Central is a drilling contractor and owner of drilling rigs, vessels and related equipment which primarily operate in Mexican territorial waters.  The Company acquired the jack up rig TONALA, among other rigs, and assumed the Securities in December of 2007 from Perforadora Central, S.A. de C.V.

SOURCE Exploraciones y Perforadora Central, S.A. de C.V.