SemGroup Corporation Announces Expiration of Tender Offer for Any and All of its 7.50% Senior Notes Due 2021


TULSA, Okla., March 14, 2017 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) (“SemGroup”) announced today that its previously announced cash tender offer to purchase any and all of its 7.50% senior notes due 2021 (the “2021 Notes”) expired at 5:00 p.m., New York City time, on March 14, 2017 (the “Expiration Time”). As of the Expiration Time, $290,007,000 aggregate principal amount of the 2021 Notes (96.67%) were validly tendered, which excludes $42,000 aggregate principal amount of the 2021 Notes that remain subject to guaranteed delivery procedures. SemGroup expects to accept for payment all such 2021 Notes validly tendered and not validly withdrawn in the tender offer and expects to make payment for the 2021 Notes on March 15, 2017, subject to SemGroup’s successful completion of its previously announced debt financing transaction (the “Financing Condition”). SemGroup intends to exercise its right under the governing indenture to optionally redeem on June 15, 2017 any 2021 Notes not validly tendered and purchased in the tender offer, at a redemption price equal to 103.750% of the principal amount redeemed and any accrued and unpaid interest to the redemption date.

This Press Release does not constitute an offer to purchase or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. This Press Release does not constitute a notice of redemption under the optional redemption provisions of the Indenture relating to the 2021 Notes.

Forward-Looking Statements

Certain matters contained in this Press Release include “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.  We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical fact, included in this press release, including regarding the tender offer and redemption and the related Financing Condition, may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, (i) SemGroup’s business plans may change as circumstances warrant and the tender offer and related redemption may not ultimately be completed because of the Financing Condition, other conditions to the consummation of the tender offer, general market conditions or other factors or (ii) any of the factors discussed from time to time in each of our documents and reports filed with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

Investor Relations:
Alisa Perkins

Tom Droege

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Source: SemGroup Corporation
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