Tom Brown, Inc. and Tom Brown Resources Funding Corp. Announce Expiration of Consent Solicitation
29 June 2004 - 12:38AM
PR Newswire (US)
Tom Brown, Inc. and Tom Brown Resources Funding Corp. Announce
Expiration of Consent Solicitation DENVER, June 28
/PRNewswire-FirstCall/ -- Tom Brown, Inc. ("TBI") and Tom Brown
Resources Funding Corp. ("TBRFC" and, together with TBI, "Tom
Brown") today announced that the previously announced consent
solicitation commenced in connection with the tender offer for
their 225,000 outstanding units (the "Units") expired at 5:00 p.m.,
New York City time, on June 25, 2004 (the "Consent Date"). Each
Unit consists of $512 principal amount of 7.25% Senior Subordinated
Notes due September 15, 2013 of TBI and $488 principal amount of
7.25% Senior Subordinated Notes due September 15, 2013 of TBRFC
(the "Notes"). Tom Brown has accepted for purchase approximately
215,700 Units, representing approximately 96% of the total Units
outstanding as of the Consent Date. Holders who validly tendered
Units prior to the Consent Date will receive a consent payment of
$30 per Unit tendered (the "Consent Payment"), representing $30 per
$1,000 principal amount of the Notes comprising a Unit, in addition
to the tender offer consideration. The total consideration payable
to the holders who validly tendered Units as of the Consent Date is
$1,136.53 per Unit. As previously announced and described in Tom
Brown's Offers to Purchase and Consent Solicitation Statement,
dated June 14, 2004 (the "Statement"), initial settlement and
payment for Units validly tendered as of the Consent Date is
expected to be made on Monday, June 28, 2004. As of the Consent
Date, Tom Brown had received the consent of holders of a majority
in principal amount of the outstanding Notes comprising the Units
to amend the indentures governing the Notes and the Units as
proposed in the Statement. As more fully described in the
Statement, the proposed amendments eliminate certain provisions
contained in the indentures relating to restrictive covenants,
events of default, and conditions to defeasance. The tender offer
will expire at 12:00 midnight, New York City time, on July 12,
2004, unless extended or terminated by Tom Brown. Holders who
validly tender their Units after the Consent Date but before the
expiration of the tender offer will not receive the Consent
Payment, and will receive payment of the tender offer consideration
of $1,106.53 per Unit on the final settlement date following
expiration of the tender offer. Merrill Lynch & Co. is acting
as the sole dealer manager for the tender offer and consent
solicitation. Questions regarding the tender offer and consent
solicitation should be directed to Merrill Lynch & Co. at (888)
ML4-TNDR or (212) 449-4914 (collect). The information agent and the
depositary for the tender offer, consent solicitation and change of
control offer is Global Bondholder Services Corporation. Requests
for documentation should be directed to Global Bondholder Services
Corporation at (866) 873-7700 (banks and brokers may also call
(212) 430-3774). This news release is not an offer to purchase
securities, a solicitation of an offer to purchase securities, an
offer to sell securities, or a solicitation of consents. The tender
offer is being made and the consent solicitation was made solely by
the Statement. For inquiries about the tender offer or consent
solicitation, please contact the information agent: Global
Bondholder Services Corporation 65 Broadway -- Suite 704 New York,
New York 10006 Attn: Corporate Actions Banks and Brokers call:
(212) 430-3774 Toll free: (866) 873-7700 About Tom Brown Tom Brown,
Inc. is a Denver, Colorado based energy company engaged in the
exploration for, and the acquisition, development, production and
marketing of natural gas, natural gas liquids and crude oil in
North America. Tom Brown Resources Funding Corp. is a direct wholly
owned subsidiary of TBI. For inquiries about Tom Brown, please
contact: Tom Brown, Inc. Mark Burford Director of Investor
Relations (303) 260-5146 Certain statements in this release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results
performance or achievements of Tom Brown to be materially different
from any future results, performance or achievements expressed or
implied by such forward- looking statements. These factors include,
among others, risks and uncertainties detailed in TBI's most recent
filings with the Securities and Exchange Commission. Visit our
website at http://www.tombrown.com/. DATASOURCE: Tom Brown, Inc.
CONTACT: Mark Burford, Director of Investor Relations of Tom Brown,
Inc., +1-303-260-5146 Web site: http://www.tombrown.com/
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