Cilcorp solicits consents, tenders for any and all 9 3/8% bonds

By Jennifer Chiou

New York, Nov. 6 - Cilcorp Inc. said it launched a tender offer for any and all of its $210,565,000 of 9 3/8% senior bonds due 2029 after having terminated a prior offer on July 31.

The company is also soliciting consents to amend the indenture governing the notes to eliminate some restrictive covenants. Cilcorp needed consents from holders of at least a majority of the notes in order to amend the indentures.

The consent deadline is at 5 p.m. ET on Nov. 17. The offer will end at midnight ET on Dec. 7.

For each $1,000 principal amount of 9 3/8% bonds, the payout is $1,220 plus accrued interest to the settlement date. This payout includes a $50.00 consent fee.

Consummation of the tender offer and the consent solicitation are subject to conditions that include the absence of certain adverse legal and market developments and receipt of the needed consents.

J.P. Morgan Securities Inc. (212 834-4802 or 866 834-4666) is the dealer manager, and Global Bondholder Services Corp. (212 430-3774 or 866 857-2200) is the information agent.

Cilcorp is an Ameren Corp. subsidiary based in Peoria, Ill., that operates as a holding company for Central Illinois Light Co. and a non-rate-regulated subsidiary.

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