Exploraciones y Perforadora Central Announces Pricing for Tender Offers

Dec 16, 2010, 16:19 ET from Exploraciones y Perforadora Central, S.A. de C.V.

MEXICO CITY, Dec. 16, 2010 /PRNewswire/ -- Exploraciones y Perforadora Central, S.A. de C.V., a corporation organized under the laws of Mexico (the "Company"), announced the pricing for its previously announced tender offers to purchase any and all of its outstanding TONALA series U.S. Government guaranteed export ship financing obligations as described below.  The terms and conditions of the tender offers are described in the Company's offer to purchase dated December 9, 2010 (the "Offer to Purchase") and related letter of transmittal (the "Letter of Transmittal").

The Tender Offers

Upon the terms and subject to the conditions described in the Offer to Purchase, the Letter of Transmittal and any amendments or supplements to the foregoing, the Company is offering to purchase for cash any and all of its (1) United States Government Guaranteed Export Ship Financing Obligations, TONALA Series A, consisting of 5.24% Fixed Rate Ship Financing Obligations due 2018 (the "Series A Securities"), and (2) United States Government Guaranteed Export Ship Financing Obligations, TONALA Series B, consisting of 4.92% Fixed Rate Ship Financing Obligations due 2018 (the "Series B Securities" and, together with the Series A Securities, the "Securities").  The Company refers to both offers, collectively, as the "Tender Offers."

The following table sets forth the pricing information for the Tender Offers:


Series and CUSIP Number

U.S. Treasury Reference Security


Reference Yield

Fixed Spread (Basis Points)

Total Consideration*

Series A Securities (CUSIP 71375Q AB 6)


2.375% due 02/28/15


1.743%


0 bps


$1,140.79

Series B Securities (CUSIP 71375Q AC 4)


2.375% due 02/28/15


1.743%


0 bps


$1,127.96


* Per $1,000 principal amount of Securities accepted for purchase.




The reference yield was determined by Citi, the dealer manager for the Tender Offers, based on the bid-side price of the applicable U.S. Treasury reference security at 2:00 p.m., New York City time, today, as described in the Offer to Purchase.

Payments for Securities purchased will also include accrued and unpaid interest up to, but not including, the applicable settlement date.  The Company expects to make payment for any Securities that are validly tendered and accepted for purchase promptly following the applicable Expiration Date.  The Company expects payment to be made on December 20, 2010, assuming the applicable Expiration Date is not extended.

The Tender Offers will expire at 5:00 p.m., New York City time, on December 17, 2010, unless extended or earlier terminated (such date and time, as it may be extended with respect to a series, the "Expiration Date").  To be eligible to participate, holders of the Securities must validly tender and not validly withdraw their Securities prior to the applicable Expiration Date.  Tendered Securities may be withdrawn at any time at or prior to the Expiration Date.  The Company may amend, extend or terminate (subject to applicable law) either of the Tender Offers at any time in its sole discretion.

The Company's obligation to accept for payment and to pay for the Securities in each of the Tender Offers is subject to the satisfaction or waiver of a number of conditions.

Citi is the dealer manager for the Tender Offers.  Global Bondholder Services Corporation has been retained to serve 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.  Requests for copies of the Offer to Purchase, the Letter of Transmittal and other related materials should be directed to 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.