| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2007 > News item |
Marubeni extends tender offer for Mirant Trinidad's 7.017% notes
By Susanna Moon
Chicago, Sept. 20 - Marubeni Caribbean Power Holdings, Inc. said it extended the cash tender offer for Mirant Trinidad Investments, LLC's $100 million of 7.017% notes due 2016 until 5 p.m. ET on Sept. 24.
The offer was extended from midnight ET on Sept. 19.
The company said it will pay $1,011.25 for each $1,000 principal amount of the 7.017% notes tendered. Holders will also receive accrued interest to the purchase date.
Marubeni announced the start of the cash change-of-control offer on Aug. 23 for the 7.017% notes and the $180 million of 11% senior notes due 2016 issued by Jamaica Public Service Co. Ltd. and Mirant JPSCO Finance Ltd.
Marubeni acquired Mirant Trinidad and Jamaica Public on Aug. 8.
The change-of-control offer is being made by Marubeni JPS (Cayman Islands) Finance Ltd., a limited-purpose entity and a subsidiary of Marubeni Caribbean formed for this purpose.
The offer for the 11% notes is expected to end at 5 p.m. ET on Sept. 20.
Tendering 11% noteholders will receive 101% plus accrued interest up to the purchase date.
On Sept. 6, the company announced that it terminated the consent solicitation for Mirant Trinidad's 7.017% notes.
The company had been soliciting consents to amend the indenture of the 7.017% notes to eliminate certain restrictive covenants and events of default and to modify the provisions.
The consent deadline was to have expired at 5 p.m. ET on Sept. 5.
Marubeni JPS previously said it intends to finance the offer with proceeds from a new $110 million credit facility that it has entered into with a group of lenders.
ABN Amro Inc., Calyon Securities (USA) Inc., ING Financial Markets LLC and Mizuho Securities USA Inc. are the dealer managers.
D.F. King & Co., Inc. is the information agent (800 290-6429).
Jamaica Public is a Kingston, Jamaica-based energy services company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.