Windsor extends tender offer, shelves withdrawal limits for two days

By Susanna Moon

Chicago, July 29 - Windsor Financing, LLC said it temporarily suspended the withdrawal expiration on the private tender offers for its $268.5 million of 5.881% senior secured bonds due 2017 and 6.927% subordinated secured notes due 2016.

Windsor is allowing holders to withdraw tendered notes from Aug. 1 until 5 p.m. ET on Aug. 3, according to a company press release. The withdrawal deadline was 5 p.m. ET on June 1.

The company also extended the tender offers until 5 p.m. ET on Sept. 8. The offers were set to end at 5 p.m. ET on July 29 and, before that, 5 p.m. ET on July 7.

As of noon ET on July 29, investors had tendered $268,249,000, or 99.99%, of the 5.881% notes and $52 million, or all, of the 6.927% notes. The figures remain unchanged as of the original deadline on July 7.

On June 2, Windsor amended the private tender offers and consent solicitations for its 5.881% bonds and 6.927% notes. The offers were amended to:

• Extend the consent payment deadline, and the eligibility to receive the fixed tender consent payment or the make-whole consent payment, to 5 p.m. ET on June 8;

• Eliminate all provisions that prohibit a noteholder tendering in the make-whole tender offer from purchasing new notes in the new notes offering, including removing the requirement to provide a VOI number, so that all tendering holders participating in the fixed-price tender offer or the make-whole tender offer are eligible to receive an invitation to submit bids in the new notes offering;

• Increase the maximum fixed tender price for the 5.881% notes to $1,133.19 per $1,000 principal amount of notes outstanding as of the settlement date, which equals $636.85 per $1,000 original face amount of notes;

• Increase the basic fixed tender price for the 5.881% notes to $1,103.19 per $1,000 principal amount of notes outstanding as of the settlement date, which equals $619.99 per $1,000 original face amount of notes;

• Increase the maximum fixed tender price for the 6.927% notes to $1,093.53 per $1,000 principal amount of notes outstanding as of the settlement date, which equals $827.29 per $1,000 original face amount of notes; and

• Increase the basic fixed tender price for the 6.927% notes to $1,063.53 per $1,000 principal amount of notes outstanding as of the settlement date, which equals $804.59 per $1,000 original face amount of notes.

The offers are being made only to those who are qualified institutional buyers meeting restrictions described in the company's certification letter.

Global Bondholder Services Corp. (866 973-7700) is the information agent and depositary.

Based in Charlotte, N.C., Windsor finances the operations of some electric and steam generating plants in the southeastern United States.

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