Star Gas Partners Announces Completion of Change of Control Offer for Outstanding Old Senior Notes.STAMFORD, Conn. -- Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE NYSE See: New York Stock Exchange : SGU SGU Swiss German University (Jakarta, Indonesia) SGU South Gujarat University (Gujarat, India) SGU Symbol Generator Unit SGU Saint George's University (Island of Grenada) ), a home energy distributor and services provider specializing in heating oil, today announced the completion of a change of control offer to purchase (the "Change of Control Offer") the $7.6 million principal amount of 10.25% Senior Notes due 2013 (the "Old Notes") that remain outstanding under the Amended and Restated Indenture dated April 28, 2006 (the "Indenture") by and between the Partnership, Star Gas Finance Company and Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. , N.A., as trustee. Star offered to repurchase the Old Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the Old Notes or portion of Old Notes validly tendered for payment thereof, plus accrued and unpaid interest through the date of payment, upon the terms and subject to the conditions of the Offer. The Offer expired 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 June 22, 2006. As of the expiration of the Change of Control Offer, $100,000 aggregate principal amount of Old Notes had been tendered and accepted for repurchase. The Change of Control Offer was required pursuant to Section 3.9 of the Indenture. Effective as of April 28, 2006, the Partnership completed a strategic recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. (the "recapitalization") pursuant to the terms of that certain unit purchase agreement dated as of December 5, 2005, as amended (the "unit purchase agreement"), by and among Star Gas LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Star Gas"), Kestrel kestrel Any of several birds of prey (genus Falco) known for hovering while hunting. Kestrels prey on large insects, birds, and small mammals. The male is more colourful than the female. Kestrels are mainly Old World birds, but one species, the American kestrel (F. Energy Partners, LLC ("Kestrel"), Kestrel Heat, LLC ("Kestrel Heat" or the "general partner") and KM2, LLC ("M2"). In connection with the recapitalization, Star Gas withdrew as the general partner of Star Gas Partners and Kestrel Heat was named as the successor general partner, which constituted a "change of control" under the Indenture. Star Gas Partners, L.P., is the nation's largest retail distributor of home heating oil. Additional information is available by obtaining the Partnership's SEC filings and by visiting Star's website at www.star-gas.com. |
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