ISA Capital do Brasil wraps tender for its 8.8% senior notes due 2017

By Susanna Moon

Chicago, March 9 - ISA Capital do Brasil SA said investors tendered $322,349,000 principal amount, or 91.06%, of its $354 million of 8.8% senior notes due 2017.

The offer expired at 5 p.m. ET on March 8. It began on Feb. 8.

The company said it executed an indenture supplement after receiving the necessary consents to amend the notes. It sought to eliminate substantially all of the restrictive covenants.

As previously noted, those who tendered 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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