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AES Gener receives tenders of 72.6% of 6½% notes, extends convertible tender
By Reshmi Basu
New York, Mar. 3 - AES Gener SA said it received tenders for 72.62% of its 6½% Yankee notes due 2006 and extended the offer to buy for its convertibles.
In total, $145.2 million principal amount of the 6½% Yankee notes due Mar. 1, 2006 had been tendered by the expiration of the tender offer, AES Gener said in a 6-K filing with the Securities and Exchange Commission.
The company also extended the expiration dates for the tender offer for its 6% Chilean convertible bonds due 2005 and its 6% U.S. convertible senior notes due 2005.
The offer for the Chilean convertibles will now expire on April 1.
The company said that its tender for its Chilean convertible bond has been modified so that it will buy the bonds at 104.98% of par value on April 2 instead of 105% of par value on March 3.
The tender for the U.S. convertibles has also been extended until April 1.
The company said the price it will pay has been increased to $1,035.785 per $1,000 bonds tendered from $1,035 per $1000 bonds tendered, plus unpaid and accrued interest.
The Santiago, Chile-based company also said it has reached an agreement to restructure its Argentine subsidiaries' outstanding debt with its bank syndicate led by Deutsche Bank Securities.
Under the proposed terms, noteholders will grant a new loan to AES Gener to repurchase notes in exchange for prepayment, to be funded with the subsidiaries' trust accounts balances and proceeds from the restructuring.
As part of a new financing, the power-generating company starts a roadshow Wednesday for a $300 million offering of 10-year unsecured notes.
The deal is expected to price in March.
Deutsche Bank will run the books on the Rule 144A/ Regulation S deal.
AES Gener is also selling $125 million of stock to shareholders and obtaining a new bank loan for $75 million.
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