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ContourGlobal Power extends consent bid for 7 1/8% notes, raises fee
New York, June 30 – ContourGlobal Power Holdings SA said it further extended the consent solicitation for its 7 1/8% senior secured notes due 2019 and raised the consent fee.
Holders who deliver consents will now receive $7.50 per $1,000 principal amount, up from $5.00 previously, according to a notice from the company.
The expiration is now 5 p.m. ET on July 1, pushed back from 5 p.m. ET on June 30.
CountourGlobal previously extended the deadline from June 26. The solicitation was announced on June 19.
As of the June 26 deadline, the issuer had received consents from holders of 49.23% of the principal amount of the outstanding notes, less than the majority needed to approve the proposed amendments, according to a company notice.
The company is soliciting consents to amend the notes
• To permit non pro rata dividends by a restricted subsidiary of ContourGlobal LP, after a qualifying initial public offering by the restricted subsidiary;
• To revise the definition of pari passu obligations to provide the ability to secure certain hedging obligations that have a maturity date prior to that of the notes on a pari passu basis with the notes; and
• To amend the definition of permitted liens to add a permitted lien providing ContourGlobal additional flexibility in securing debt of the Arrubal project.
The information and tabulation agent is Lucid Issuer Services Ltd. (+44 0 20 7704 0880 or contourglobal@lucid-is.com). The solicitation agent is Goldman Sachs International (+44 0 20 7774 9862, 800 828-3182, 212 902-6941 or liabilitymanagement.eu@gs.com).
ContourGlobal is a New York-based operator of power generating stations.
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