Flores & Rucks, Inc. Solicits Consents of Holders of its 13 1/2% Senior Notes Due 2004.BATON ROUGE, La.--(BUSINESS WIRE)--Aug. 21, 1996--Flores & Rucks, Inc. (FNR FNR False Negative Rate FnR Find and Replace FNR Ford Nuclear Reactor FNR Future Net Revenue FNR For No Reason FNR Flexible Numbering Register FNR Fixed Network Reconfiguration FNR Frequency Normalization Response ) announced today that it is soliciting the consents of holders of its 13 1/2% Senior Notes due 2004 (the "Senior Notes") to effect certain amendments (the "Proposed Amendments") to the Indenture pursuant to which the Senior Notes were issued. The purpose of the Proposed Amendments is primarily to amend the "Permitted Indebtedness" definition related to the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to allow borrowings thereunder to increase in proportion to increases in the Company's asset base in order to enhance its ongoing financial and operating flexibility. The solicitation will expire at 5:00 p.m. New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time on Tuesday, September 10, 1996, unless extended. Adoption of the Proposed Amendments requires the valid and unrevoked consent of the registered holders of a majority in principal amount of the outstanding Senior Notes. In the event the Proposed Amendments are effected, the Company will make a payment of $3.75 in cash for each $1,000 in principal amount of Senior Notes to each registered holder of Senior Notes as of the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. whose properly executed consent is received, and not revoked, prior to the expiration date. For further information relating to the solicitation or to obtain copies of the Consent Solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with Statement, please contact MacKenzie Partners, Inc., the Information Agent, at (800) 322-2885. Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the & Rucks, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. For further information, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at (504) 927-1450 or mail requests to 8440 Jefferson Highway, Suite 420, Baton Rouge, LA 70809. Additional information on FNR is located in the "Corporate News on the Net" section of Business Wire's home page (http:/www.businesswire.com). CONTACT: Flores & Rucks, Inc., Baton Rouge James C. Flores or Robert L. Belk, 504/927-1450 |
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