ISA Capital do Brasil tenders, solicits consents for 8.8% notes

By Jennifer Chiou

New York, Feb. 8 - ISA Capital do Brasil SA said it began a cash tender offer and consent solicitation for all of its $354 million of 8.8% senior notes due 2017.

The company is soliciting consents to amend the note indenture to, among other things, eliminate substantially all of the restrictive covenants.

ISA Capital is seeking consents from holders of a majority of the notes.

The offer ends at 5 p.m. ET on March 8.

Those who tender by the consent deadline of 5 p.m. ET on Feb. 24 will receive the total consideration of $1,117.50 for each $1,000 principal amount of notes, including a consent payment of $35.00.

Holders will also receive accrued interest.

HSBC Securities (USA) Inc. is the dealer manager and solicitation agent (888 HSBC-4LM or call collect 212 525-5552 or e-mail liability.management@hsbcib.com). Global Bondholder Services Corp. is the information agent (866 873-6300 or call collect 212 430-3774).

ISA Capital is a Sao Paulo company formed to participate in the sale by the government of the state of Sao Paulo of 50.1% of the common stock of Companhia de Transmissao de Energia Eletrica Paulista and 21% of the capital stock.

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