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Edenor gives results for 9¾% note exchange offer
By William Gullotti
Buffalo, N.Y., May 10 – Empresa Distribuidora y Comercializadora Norte SA (Edenor) announced the expiration, and the final results, of its offer to exchange any and all of its $98,057,000 of outstanding 9¾% senior notes due 2022 (Cusips: 29244AAK8, P3710FAJ3) for 9¾% senior notes due May 12, 2025, according to a press release on Tuesday.
As previously reported, Edenor extended its early tender deadline to match the offer’s expiration at 5 p.m. ET on May 9.
By the original early tender date on April 28, the company said it had received instructions to exchange $55.42 million, or 59.85%, of the outstanding notes.
As of the expiration date, $71,826,000 of the outstanding notes, or 73.25%, were tendered with exchange instructions.
As announced on April 12, there were two options for participating noteholders to choose from.
Under option A, the total consideration was $1,050 of new notes per $1,000 of existing notes. The total consideration includes a $20 new-note premium.
$41,699,000 were tendered under option A, representing approximately 42.53% of the outstanding principal.
Under option B, the total consideration per $1,000 of existing notes was $296.16 of new notes and $715.23 of pro rata cash consideration.
$30,127,000, representing approximately 30.72% of the outstanding notes, were tendered under option B.
Under each option, holders will also receive accrued interest to the expected May 12 settlement date.
Upon settlement, the company expects to issue $52,706,268 of the new notes and to pay approximately $21,878,499.08 in cash consideration, which includes accrued interest.
Morrow Sodali Ltd. (203 609-4910, +44 20 4513 6933 or Edenor@investor.morrowsodali.com) is the exchange and information agent.
BofA Securities, Inc. and BCP Securities, Inc. are dealer managers outside of Argentina.
Global Valores SA (5411 5235 1232 or capitalmarkets@globalvalores.com.ar) is Argentine dealer manager.
Edenor is a Buenos Aires-based electricity producer.
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