MERRILLVILLE, Ind., Dec. 30, 2010 /PRNewswire-FirstCall/ -- NiSource Inc. (NYSE: NI) announced today the expiration and final results of the previously announced cash tender offer by its finance subsidiary, NiSource Finance Corp., to purchase up to $325 million aggregate principal amount of its outstanding 10.75% Notes due 2016.
The tender offer expired at 11:59 p.m., New York City time, on December 29, 2010. As of the expiration date, the aggregate principal amount of Notes validly tendered and not validly withdrawn was $273.1 million, according to information provided by Global Bondholder Services Corporation, the depositary for the tender offer. All such Notes have been accepted for payment by NiSource Finance, with payment expected to occur today.
NiSource Finance previously extended the early participation date to the expiration date. As a result, holders of all Notes accepted for purchase will receive $1,337.10 per $1,000 principal amount tendered, which includes an early tender payment of $30 per $1,000 principal amount tendered. Holders of such Notes will also be paid any accrued but unpaid interest on the Notes to, but not including, the payment date. All Notes purchased in the tender offer will be retired.
Deutsche Bank Securities Inc. and RBS Securities Inc. were the dealer managers for the tender offer. Questions regarding the tender offer may be directed to Deutsche Bank at (212) 250-2955 (collect) or (866) 627-0371 (toll-free), or RBS at (203) 897-6145 (collect) or (877) 297-9832 (toll-free). Requests for documents may be directed to Global Bondholder Services Corporation, the information agent and depositary for the tender offer, at (212) 430-3774 (for banks and brokers) or (866) 952-2200 (U.S. toll-free).
The tender offer was made solely by the Offer to Purchase dated December 1, 2010, which set forth the terms and conditions of the tender offer, and the related Letter of Transmittal, subject to a previously announced revision of the fixed spread used in determining the offer price, extension of the early participation date, increase of the tender cap and termination of the portion of the offer relating to NiSource Finance's 6.80% Notes due 2019.
NiSource Inc., based in Merrillville, Ind., is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource operating companies deliver energy to 3.8 million customers located within the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England. Information about NiSource and its subsidiaries is available via the Internet at www.nisource.com. NI-F
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of NiSource and its management. Although NiSource believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are cautioned that the forward-looking statements in this news release are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: weather; fluctuations in supply and demand for energy commodities; growth opportunities for NiSource's businesses; increased competition in deregulated energy markets; the success of regulatory and commercial initiatives; dealings with third parties over whom NiSource has no control; actual operating experience of NiSource's assets; the regulatory process; regulatory and legislative changes; the impact of potential new environmental laws or regulations; the results of material litigation; changes in pension funding requirements; changes in general economic, capital and commodity market conditions; and counterparty credit risk, and the matters set forth in the "Risk Factors" section in NiSource's 2009 Form 10-K and 2010 Forms 10-Q, many of which risks are beyond the control of NiSource. NiSource expressly disclaims a duty to update any of the forward-looking statements contained in this release.
SOURCE NiSource Inc.