Philippines' Energy Development wraps up consent solicitation early

By Marisa Wong

Chicago, Oct. 31 - Energy Development Corp. said it decided to move up the expiration date of its previously announced consent solicitation to Oct. 30 from Nov. 20.

On Oct. 8 the company began soliciting consents to align covenants of its 8.6418% bonds due June 4, 2015 and 9.3327% bonds due Dec. 4, 2016 with its bonds issued on May 3. The bonds under the consent bid, which were issued Dec. 4, 2009, would be aligned with the 4.1583% bonds due May 3, 2020 and the 4.7312% bonds due May 3, 2023, according to a prior company press release.

According to a Thursday press release, as of the early termination date, the company received the required consents from holders representing more than 50% of the total principal amount of the bonds issued in 2009.

The company will enter into a supplemental indenture effecting the proposed changes.

The company said before that it would pay a consent fee of PHP 1.00 per PHP 1,000 principal amount to holders who deliver their consents by Nov. 6. Because the consent solicitation has already been terminated, no consents delivered after Oct. 30 will be accepted or eligible for the consent fee.

The company said it will make a separate announcement on payment of the consent fee to eligible bondholders.

Holders had to be of record as of 5 a.m. ET on Oct. 9 to participate in the solicitation.

BDO Capital & Investment Corp. is the financial adviser and the lead manager. BPI Capital Corp. is the co-lead manager.

Pasig City, Philippines-based Energy Development specializes in geothermal energy.

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