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Published on 11/30/2017 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Chile’s AES Gener holds $245 million tender for 5% notes, 5¼% notes

By Susanna Moon

Chicago, Nov. 30 – AES Gener SA said it is tendering for its 5% notes due 2025 and its 5¼% notes due 2021 for a maximum purchase price of $245 million.

The tender offers contain caps for each series and will end at 11:59 p.m. ET on Dec. 28, according to a company announcement.

The total purchase price for each $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Dec. 13 will be as follows:

• $1,027.50 for the $390 million of 5% notes due 2025 with a priority acceptance level of 1 and tender cap of $175 million; and

• $1,067.50 for the $401,682,000 of 5¼% notes due 2021 with a priority acceptance level of 2 and tender cap of $110 million.

The total payment includes an early tender premium of $30.00 per $1,000 principal amount.

Holders also will receive accrued interest.

Tendered notes may be withdrawn before the early deadline.

AES Gener said it reserves the right to increase the maximum purchase price as well as the tender caps without extending the withdrawal deadline.

The early settlement date is expected to occur Dec. 15 and final settlement has been slated for Dec. 29.

The issuer said it plans to fund the offers using cash on hand.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and SMBC Nikko Securities America, Inc. (888 868-6856 or 212 224-5417) are the dealer managers. Global Bondholder Services Corp. (866 794-2200 or 212 430-3774) is the tender and information agent.

AES is an electrical distributor based in Santiago.


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