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Dynegy again extends exchange offer to encourage early conversion of 4.75% convertibles
By Jennifer Chiou
New York, April 21 - Dynegy Inc. announced the further extension of its exchange offer to prompt investors to convert its 4.75% convertible subordinated debentures due 2023 into stock, this time to 5 p.m. ET on May 1 from 5 p.m. ET on April 20.
The offer previously was set to expire at 5 p.m. ET on April 13.
As of 5 p.m. ET on April 20, the company said holders of 100% of the notes had tendered their securities.
As of 5 p.m. ET on April 12, the company had received tenders from holders of $17.922 million or 8% of the debentures.
The company said it filed a registration statement with the Securities and Exchange Commission for the offer and consent solicitation that was declared effective on April 14.
For each $1,000 principal amount of debentures, the company said it will issue the regular 242.6595 shares of class A common stock that would be issued on conversion. Dynegy will also pay a premium of $193.85 in cash and accrued interest from Feb. 15 up to but excluding the payment date.
The Houston-based electricity provider is soliciting consents to amend the debenture indenture to eliminate the cross-default and cross-acceleration provisions.
Dynegy noted that although its acceptance of debentures for conversion is not subject to a minimum tender condition, the proposed indenture amendments will be effective only if Dynegy receives valid consents from holders of a majority of the securities.
Citigroup Global Markets Inc. is the dealer manager and Global Bondholder Services Corp. (call collect 212 430-3774 or 800 470-4200) is the information agent.
Dynegy began the offer on March 15.
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