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AES Andes reports early tender results for 2025, 2079 notes
Chicago, March 15 –AES Andes SA reported the early results for its tender offers to purchase for cash any and all of its $117,488,000 outstanding 5% senior notes due 2025 (Cusip: 00105DAE5, P0607LAB9) and up to $100 million aggregate principal amount of its $328,407,000 outstanding 6.35% junior subordinated capital notes due 2079 (Cusip: 00105DAG0, P0607LAD5), according to a press release.
By the early deadline of 5 p.m. ET on March 15, noteholders tendered $43,404,000 of the notes due 2025 and $258,874,000 of the subordinated notes.
All of the notes due 2025 are being accepted for purchase.
The company is maintaining the cap on the second series and accepting $100 principal amount of notes, applying a 42.229% proration factor.
The issuer is offering a total consideration per $1,000 principal amount of $978.75 for the 2025 notes and $1,000 for the 2079 notes.
Each total consideration includes an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender deadline
The issuer will also pay accrued interest.
The withdrawal deadline was the early deadline.
Early settlement will be on March 20.
The offers will expire at 5 p.m. ET on April 2.
However, because the offer for the subordinated notes was oversubscribed, no more notes will be accepted from that series.
Final settlement is expected to occur on the third business day following the expiration time.
Neither offer is conditioned on any minimum amount of notes being tendered. However, there is a financing condition, among others.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. are joint dealer managers for the tender offers. Credit Agricole Securities (USA) Inc. is co-dealer manager.
Global Bondholder Services Corp. (855 654-2014) is the tender and information agent.
The electric utility is based in Santiago, Chile.
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