Gemsa, Central Termica seek consents to amend 9 5/8% notes

By Marisa Wong

Los Angeles, June 15 – Argentina’s Generacion Mediterranea SA (Gemsa) and Central Termica Roca SA announced a solicitation of consents to amend their 9 5/8% senior notes due 2023.

The proposed amendments would allow Gemsa to incur additional debt to fund the completion of an expansion project of its Ezeiza power plant, according to a notice.

The issuers believe the Ezeiza expansion project will enhance the value of installed open-cycle equipment and new equipment partially acquired by Gemsa, improve their ability to repay their debt in full and to help Gemsa maximize the return on its assets and its results of operation.

As of June 14, Gemsa has already invested about $66 million in the acquisition of equipment and completion of engineering works related to the Ezeiza expansion project. Investments required to complete the project are estimated at roughly $130 million. Construction is expected to be completed during 2023.

The consent solicitation expires on June 24.

Questions may be directed to inversores@albanesi.com.ar, Ramiro.hernandezgazcon@credit-suisse.com or alexander.garland@credit-suisse.com.

The issuers are subsidiaries of Albanesi SA, an electricity and natural gas company based in Buenos Aires.

© 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.