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Article: Parallel Petroleum Corporation Commences Change of Control Offer for Its 10 1/4% Senior Notes Due 2014.
- Article from:
- Energy Weekly News
- Article date:
- November 20, 2009
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Parallel Petroleum Corporation (NASDAQ: PLLL) ("Parallel") announced that it has commenced a change of control offer for any and all of its outstanding $150,000,000 principal amount of 10 1/4% Senior Notes due 2014 (the "Notes"). The change of control offer is being made pursuant to Parallel's obligations under the indenture governing the Notes, which requires Parallel to make an offer to purchase the Notes following a "Change of Control" (as defined in the indenture). A "Change of Control" occurred on October 23, 2009 as a result of the purchase of more than 50% of the outstanding shares of common stock of Parallel, including the associated preferred stock purchase ...