Swiss Insured Brazil Power seeks consents from holders of 9.85% notes

By Taylor Fox

New York, March 15 – Swiss Insured Brazil Power Finance Sarl is soliciting consents from holders of its 9.85% senior secured notes due 2032 (ISIN: L8915M AA3, 870880AA9) guaranteed by Celse – Centrais Eletricas de Sergipe SA to amend some provisions of a common terms agreement dated April 12, 2018 and a debenture indenture dated March 28, 2018, according to a news release.

The common terms agreement is between Celse and some senior lenders, and the indenture governs debentures issued by Celse with Swiss Insured Brazil Power as the sole holder.

The purpose of the consent solicitation is to authorize Celse to amend the definitions of change of control under the common terms agreement and debenture indenture and to make other changes or obtain waivers in connection with the merger agreement between Hygo Energy Transition Ltd., Golar LNG Ltd., Stonepeak Infrastructure Fund II Cayman Ltd., New Fortress Energy Inc. and Lobos Acquisition Ltd.

The consent solicitation will expire at 5 p.m. ET March 22.

Holders who deliver and do not revoke their consents at or prior to the expiration time will be eligible to receive a consent payment of R$1 per R$1,000 principal amount of the 2032 notes.

Citibank, NA is the trustee for the 2032 notes.

Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452; gs-lm-nyc@gs.com) is the solicitation agent, and D.F. King & Co. Inc. (866 796-7179, 212 269-5550; ccelse@dfking.com) is the information and tabulation agent.

Swiss Insured Brazil Power is a Luxemburg special purpose vehicle issuing debt for Celse, a Brazilian company engaging in power generation from natural gas thermal plants.

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