Chile’s AES accepts early tenders for $200 million 4 7/8%, 5¼% notes

By Marisa Wong

Morgantown, W.Va., July 12 – AES Gener SA and wholly owned indirect subsidiary Empresa Electrica Angamos SA announced the early results of their cash tender offers to purchase up to $200 million principal amount of notes.

As of 5 p.m. ET on July 11, the early tender time, holders had tendered the following, with the notes listed in order of acceptance priority level:

• $147,041,000 of the $574,829,718 of outstanding 4 7/8% notes due 2029 issued by Angamos, which have a tender cap of $100 million;

• $145,873,000 of the $291,682,000 of outstanding 5¼% notes due 2021 issued by AES; and

• $60,273,000 of the $172,363,000 of outstanding 5% notes due 2025 issued by AES.

The companies said they intend to accept for purchase $100 million of the 4 7/8% notes and $100 million of the 5¼% notes. None of the tendered 5% notes will be accepted for purchase.

The $200 million of accepted early tendered notes will be purchased on July 13.

Holders will receive a total consideration of $978.75 per $1,000 of 4 7/8% notes and $1,045 per $1,000 of 5¼% notes. The total consideration for the 5% notes would have been $1,005 per $1,000 principal amount.

The total consideration includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early deadline.

Holders will also receive accrued interest to but excluding the settlement date.

The offers expire at 11:59 p.m. ET on July 25, but because the offers were oversubscribed as of the early tender time, the issuers will not accept for purchase any additional notes tendered after the early deadline.

Notes tendered by the early tender time have priority over notes tendered after the early deadline, even if those notes tendered later have a higher acceptance priority level than notes tendered by the early deadline.

Tendered notes may no longer be withdrawn.

Itau BBA USA Securities, Inc. (888 770-4828 or 212 710-6749) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) are the dealer managers. D.F. King & Co., Inc. (888 887-0082, 212 269-5550 or aesgener@dfking.com) is the tender and information agent.

AES is an electrical distributor based in Santiago, Chile.

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