WPE tenders, seeks consents for 11¼% notes issued by Argentina's Impsa

By Susanna Moon

Chicago, Sept. 9 - WPE International Cooperatief UA said it began a tender offer for the outstanding 11¼% notes due 2014 issued by its indirect parent company, Industrias Metalurgicas Pescarmona SAIC y F (Impsa).

Impsa is also seeking consents and proxies to amend the notes to eliminate substantially all of the restrictive covenants and related provisions in the notes.

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.

Holders who tender their notes before the consent deadline must consent to the proposed amendments, and holders may not deliver consents without tendering their notes.

The offer is conditioned on the issuance of notes in an amount sufficient to purchase tendered notes.

The tender offer will expire at 5 p.m. ET on Oct. 5.

UBS Investment Bank (888 719-4210 or collect 203 719-4210) and Bank of America Merrill Lynch (888 292-0070 or collect 646 855-3401) are the dealer managers and solicitation agents.

D.F. King & Co. Inc. is the information agent. Deutsche Bank Trust Co. Americas is the depositary, paying agent, co-registrar and transfer agent.

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

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