Dominican Republic's AES Dominicana, Itabo launch tender offers for 11% notes, 10 7/8% notes

By Marisa Wong

Madison, Wis., Oct. 29 - AES Dominicana Energia Finance, SA and Itabo Finance, SA announced that they started respective offers to purchase any and all of AES Dominicana's $156 million outstanding 11% senior notes due 2015 guaranteed by Andres and Dominican Power Partners and any and all of Itabo's $106,032,000 outstanding 10 7/8% senior notes due 2013 guaranteed by Itabo.

Both offers began on Oct. 28 and will expire at 11:59 p.m. ET on Nov. 26.

Holders who tender their notes before 5 p.m. ET on Nov. 10, the early tender date, will receive the total consideration. Holders who tender their notes after the early tender date but before the expiration time will receive the tender offer consideration.

The total consideration for the 11% notes is $1,061.25 per $1,000 principal amount of tendered notes, which includes a $30.00 early tender premium. The total consideration for the 10 7/8% notes is $1,060.50 per $1,000 of tendered notes, which also includes a $30.00 early tender premium.

Tendered notes may be withdrawn prior to the early tender date.

The settlement date for notes tendered at or before the early tender date and accepted for purchase will be after the early tender date but prior to the expiration time. The settlement date for notes tendered after the early tender date but before to the expiration time is expected around Nov. 30.

If any notes remain outstanding following expiration of the offers, AES Dominicana and Itabo will promptly redeem the notes.

Credit Suisse Securities (USA) LLC (212 538-2147 of 800 820-1653) and Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) are the dealer managers. D.F. King & Co., Inc. (212 269-5550 or 800 578-5378) is the information agent.

AES Dominicana, a wholly owned subsidiary of AES Andres BV, is an energy group operating in the Dominican Republic. Itabo, a wholly owned subsidiary of Empresa Generadora de Electricidad Itabo, SA, is a thermo-electric generator in the Dominican Republic.

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