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Chile's Inversiones Alsacia gets waiver from holders of 8% notes
By Angela McDaniels
Tacoma, Wash., Oct. 21 - Inversiones Alsacia SA received consents from the holders of 89.7% of its 8% senior secured notes due 2018, according to a company news release.
As a result, Alsacia successfully obtained a waiver of the defaults, events of default, early amortization events and other covenants relating to the failure to maintain a debt service coverage ratio of 1.1 times and the failure to fund the O&M account in the amounts required under the note indenture.
The consent solicitation began Aug. 20 and ended at 5 p.m. ET on Oct. 18. It was scheduled to end Sept. 3 before being extended multiple times.
The company also solicited consents from its counterparties to two foreign-currency hedge agreements relating to the notes. All of the counterparties provided consents.
The company offered a consent payment of $2.50 for each $1,000 principal amount of notes or in the value of the notes hedge agreements. Holders and counterparties had to be of record as of 5 p.m. ET on Aug. 19.
The waivers required the consents of noteholders and counterparties holding more than 50% of the outstanding notes and notes hedge agreement value.
The solicitation was extended to give noteholders time to consider amendments made to the company's concession agreement with the Chilean Ministry of Transportation and Telecommunications.
The company said that as a result of the concession amendments, it will receive an increase in the payment per passenger of 22 Chilean pesos, a roughly 4% increase.
BofA Merrill Lynch was the solicitation agent. Global Bondholder Services Corp. (attn: corporate actions, at 866 470-4300 or 212 430-3774) was the information and tabulation agent.
Alsacia is a transportation company based in Santiago, Chile.
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