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Essential Power begins tender offer, consent bid for 10 7/8% notes
By Angela McDaniels
Tacoma, Wash., July 2 - Essential Power Holdings, LLC began a cash tender offer for the outstanding 10 7/8% senior secured second-lien notes due 2016 co-issued by its subsidiaries Essential Power, LLC and Essential Power Finance Corp., according to a company news release.
Essential Power Holdings was formerly known as North American Energy Alliance Holdings, LLC. The subsidiaries were formerly known as North American Energy Alliance, LLC and North American Energy Alliance Finance Corp., respectively.
The company is also soliciting consents for proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants and modify some of the events of default and other provisions and amendments to the documents governing the collateral for the notes.
Any holder who tenders notes must also consent to the proposed amendments.
The consent solicitation will expire at 5 p.m. ET on July 16. The tender offer will expire at 5 p.m. ET on Aug. 15.
The total consideration is $1,126.25 per $1,000 principal amount of notes. This includes an early tender premium of $50.00 for each note tendered with consents by the consent date.
Holders will also receive accrued interest up to but excluding the applicable settlement date.
The company may choose to accept for purchase notes tendered by the consent date early and settle them on Aug. 8.
The offer is conditioned on the receipt of tenders and consents for at least a majority of the outstanding notes by the consent date and the successful consummation of one or more debt financing transactions.
The dealer manager and solicitation agent is Barclays Capital Inc. (800 438-3242 or 212 528-7581). The information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers; others call 800 628-8532).
Essential Power Holdings is based in Iselin, N.J. Essential Power, LLC is a wholesale power generation and marketing company.
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