Argentina's Impsa's noteholders approve changes tied to tender offer

By Caroline Salls

Pittsburgh, Oct. 14 - Industrias Metalurgicas Pescarmona SAIC y F (Impsa)'s series 1 11¼% noteholders have approved changes to the terms of the notes in connection with WPE International Cooperatief UA's tender offer for the outstanding notes, according to a news release.

Under the changes, the amount of outstanding capital of the notes needed to accelerate payment of principal and interest in the event of payment non-compliance was increased to 90% from 25%.

In addition, specified events of default and restrictive covenants were eliminated from the notes indenture.

As previously reported, WPE International Cooperatief launched a tender offer in September for the outstanding 11¼% notes due 2014 issued by indirect parent Impsa.

The company will pay $1,045 for each $1,000 principal amount, including a $30 premium, for notes tendered by 5 p.m. ET on Sept. 21, the consent deadline.

The company also will pay accrued interest up to the settlement date.

The tender offer was scheduled to expire at 5 p.m. ET on Oct. 5.

Impsa is a Mendoza, Argentina-based producer of wind and hydropower equipment.

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