Southern California Public Power extends consent bid for three series

By Susanna Moon

Chicago, Aug. 26 - Southern California Public Power Authority said it extended the consent solicitation for its gas project revenue bonds (Project No. 1), series 2007A and series 2007B.

The consent solicitation will now end at 5 p.m. ET on Sept. 13, extended from 5 p.m. on Aug. 23.

The authority failed to receive consents from the holders of a majority of all the outstanding bonds and has extended the offer to allow holders more time to participate in the solicitation. In addition, the authority is now offering to pay a cash fee to consenting holders, according to a press release. Holders must be of record as of 5 p.m. ET on July 26.

The consent fee will be paid to holders of bonds, except for the series 2007A bonds due Nov. 1, 2013, who deliver consents under the offer if the needed consents are received by the new expiration time.

For each $1,000 principal amount, the consent fee will be $2.50 for notes due Nov. 1, 2014, $5.00 for notes due Nov. 1, 2015, $7.50 for notes due Nov. 1, 2016, $10.00 for notes due Nov. 1, 2017 and $10.00 for notes due after that.

Wells Fargo Securities, LLC (866 309-6316 or collect 704 410-4760) is the solicitation agent. D.F. King & Co., Inc. (800 431-9645, collect at 212 269-5550 or by email at scppa@dfking.com) is the information agent and tabulation agent for the consent solicitation.

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