WPE receives needed consents for 11¼% notes of Argentina's Impsa

By Jennifer Chiou

New York, Sept. 21 - WPE International Cooperatief UA announced the receipt of the required consents and proxies to adopt amendments to the indenture of the 11¼% notes due 2014 issued by its indirect parent company, Industrias Metalurgicas Pescarmona SAIC y F (Impsa).

WPE is holding a tender offer for the notes, and Impsa is seeking consents and proxies to amend the notes to eliminate substantially all of the restrictive covenants and related provisions.

As of 5 p.m. ET on Sept. 21, the company had received tenders, consents and proxies for $184.4 million principal amount, or 87.8%, of 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 tendered their notes before the consent deadline had to consent to the proposed amendments, and holders may not deliver consents without tendering their notes.

The tender offer will expire at 5 p.m. ET on Oct. 5. It began on Sept. 9.

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

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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