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Published on 10/15/2010 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Argentina's Edenor holders tender 57.9% of 10½% notes for exchange, 20.61% for cash so far

By Jennifer Chiou

New York, Oct. 15 - Empresa Distribuidora y Comercializadora Norte SA (Edenor) announced an update to the status of its simultaneous exchange offer and cash tender offer for its 10½% senior notes due 2017.

As of 11 a.m. ET on Oct. 15, the early deadline for the purchase offer, holders had tendered $30,643,000, or 20.61%, of the notes. The percentage excludes the $65.3 million of notes held by the company.

Also as of that time, holders had tendered for exchange $86,104,000, or 57.9%, of the notes.

Total tenders currently stand at $116,747,000, or 78.51%, of the notes, excluding those held by Edenor.

In the exchange offer, Edenor is offering new 9¾% senior notes due 2022 plus cash in exchange for the existing 10½% notes.

The withdrawal and early participation deadline for the exchange offer is set for 5 p.m. ET on Oct. 20, previously pushed back from 11 a.m. ET on Oct. 15.

For each $1,000 principal amount in the exchange, the company is offering an equal amount of the 9¾% notes plus $100.90 of cash for notes tendered by the early deadline. Previously, the company was offering $1,030 of the new notes and $70.90 in cash for early tenders.

After that time, Edenor will offer $1,000 principal amount of new notes plus $80.90 cash until the exchange offer expiration.

Under the tender offer, the company will pay $1,060 for each $1,000 principal amount of 10½% notes tendered by the early participation deadline. Holders who tender after the early deadline but by the tender expiration will receive $1,045 per note.

The offers will expire at 5 p.m. ET on Nov. 1. They began on Oct. 1.

In addition, the company announced an at least $150 million offering of the new notes due 2022 on Oct. 1. The proceeds of the concurrent offer will be used to finance the purchase offer.

The offers are being made only to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and non-U.S. investors under Regulation S.

The settlements of the offers are conditioned on the issuance of at least $150 million principal amount of 9¾% notes on the early settlement date in the concurrent offer and the exchange offer combined.

The company said that it still expects the early settlement date to be Oct. 25 and the final settlement date to be Nov. 4.

Global Bondholder Services Corp. (866 470-4200 or collect at 212 430-3774) is the information agent and the exchange agent.

The issuer is an electricity distribution company based in Buenos Aires.


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