Brazil's Cemat, Celpa get tenders for 63.48% of 9½% note units at early deadline

By Jennifer Chiou

New York, July 25 - Centrais Electricas Matogrossenses SA (Cemat) and Centrais Eletricas do Para SA (Celpa) said that holders of $63.479 million, or 63.48%, of the units consisting of their 9½% notes due 2012 had tendered as of the early tender deadline of 5 p.m. ET on July 24.

The companies are also soliciting consents to amend the indenture to eliminate certain covenants and certain related events of default.

The offer ends at 5 p.m. ET on Aug. 7. It began on July 10.

For each $1,000 principal amount of units, the companies said that they will pay $1,065, which includes an early tender premium of $35 for those who tendered by the early deadline.

Cemat and Celpa said that they will also pay accrued interest to the settlement date.

The offer is conditioned on tenders from holders of a majority of units as well as the execution of a supplemental indenture.

Merrill Lynch, Pierce, Fenner & Smith Inc. (888 654-8637 or call collect 212 449-4914) and Unibanco Securities Inc. (call collect 212 832-1700) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 794-2200 or call collect 212 430-3774) is the depositary and information agent.

Cemat is an electricity company serving the state of Mato Gross, while Celpa serves the state of Para in Brazil.

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