AES Panama gets needed consents to amend indenture of 6.35% notes

By Jennifer Chiou

New York, Aug. 19 – AES Panama, SA announced that it has received the required consents from the holders of its 6.35% senior notes due 2016, allowing the company to execute a supplement indenture for the notes.

The solicitation ended at 5 p.m. ET on Aug. 19.

AES Panama said it will pay a consent fee of $2.50 in cash for each $1,000 principal amount of notes to participating holders on Aug. 22.

HSBC Bank USA, NA is the indenture trustee and principal paying agent.

The company began the solicitation on Aug. 5 for a proposed waiver of the “limitation on indebtedness” covenant contained in section 905 of the indenture.

Specifically, the company sought the consent to be permitted to incur up to $57.3 million principal amount of new indebtedness, which is expected to be incurred on or before Dec. 1, to acquire, purchase, install and commission the Estrella del Mar Barge I, a mobile thermo power generation barge that operates on fuel oil No. 6.

Scotia Capital (USA) Inc. acted as the solicitation agent.

The Panama energy company is a subsidiary of Arlington, Va.-based AES Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.