Brazil’s Cemig announces early tender results for 9¼% notes due 2024

Chicago, Aug. 2 – Cemig Geracao e Transmissao SA announced the early results for its cash tender offer for up to $500 million of its $1.5 billion of outstanding 9¼% notes due Dec. 5, 2024 (Cusips: 12517MAA0, P2205LAC9), according to a news release.

As of the early deadline of 5 p.m. ET on July 30, the company received tenders for $774,180,000, or 51.61%, of the outstanding principal amount of notes.

As the maximum amount has been exceeded, the company will prorate the tendered notes for purchase.

Technically, the offer expires at 11:59 p.m. ET on Aug. 13. However, because the offer was oversubscribed, Cemig does not expect to accept any more notes for purchase.

All notes not accepted for purchase will be promptly returned to their noteholders.

The company is offering a total consideration of $1,162.50 per $1,000 principal amount, which includes a $50 early tender premium, as previously reported.

Early settlement was announced for Aug. 5.

Banco Bradesco BBI SA (646 432-6642), Goldman Sachs & Co. LLC (212 357-1452 or 800 828-3182), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Santander Investment Securities Inc. (855 404-3636 or 212-940-1442).

D.F. King & Co., Inc. (212 269-5550, 800 578-5378 or cemig@dfking.com) is the information and tender agent.

Cemig GT is the generation and transmission unit of the Minas Gerais State integrated power company.

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