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Electricidad de Caracas Finance gets tenders for 94.94% of 10¼% notes
By Angela McDaniels
Tacoma, Wash., April 9 - C.A. La Electricidad de Caracas said its subsidiary, Electricidad de Caracas Finance BV, received tenders and consents for $246.84 million, or 94.94%, of its $260 million 10¼% senior guaranteed notes due 2014 during a tender offer that ended at midnight ET on Tuesday.
The company said it will pay $1,187 for each $1,000 principal amount of notes, which includes a consent payment of $20 for notes tendered by 5 p.m. ET on March 24, the consent deadline.
All noteholders who tendered will receive accrued interest to the settlement date, which is expected to be Thursday.
The payment was determined using the present value on the settlement date of $1,051.25 plus the present value of all scheduled interest payments to the earliest redemption date - based on the yield to maturity of the 3 3/8% Treasury due Oct. 15, 2009 plus 50 basis points, calculated at 2 p.m. ET on April 4 - minus accrued interest to the settlement date.
Electricidad de Caracas Finance began the consent solicitation and tender offer for the notes on March 7.
As previously reported, the company received tenders and consents for $244.3 million, or 93.96%, of the notes by the consent deadline. The consents allowed the company to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default.
Noteholders who tendered were required to consent to the amendments and vice versa.
The offer remains subject to the receipt of sufficient financing.
ABN Amro Bank NV (212 409-7530) was the dealer manager, and D.F. King & Co., Inc. (800 829-6551 or 212 269-5550) was the information agent.
Electricidad de Caracas is a Venezuelan utility company and a subsidiary of AES Corp.
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