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Sithe/Independence holders tender 99.7% of 9% bonds by expiration date
By Toni Weeks
San Diego, Sept. 26 - Sithe/Independence Power Partners, LP subsidiary Sithe/Independence Funding Corp. received tenders and consents for $191,104,833.46, or 99.7%, of its $191,687,012.42 principal amount of 9% secured bonds due 2013 by the expiration date, according to a news release. Sithe/Independence Power is a subsidiary of Dynegy Inc.
The tender offer expired at 11:59 p.m. ET on Sept. 23.
As previously reported, $191,088,414.23 principal amount, or about 99.69%, of the bonds had been tendered by the consent deadline, 5 p.m. ET on Sept. 9. On Sept. 12, Sithe accepted for purchase all the notes validly tendered prior to the consent deadline and satisfied and discharged the indenture and the remaining notes. Sithe said it had the necessary consents to amend the note indenture and has executed a supplemental indenture. It was seeking to change the satisfaction and discharge provisions and eliminate some of the restrictive covenants, some events of default and other provisions.
The company will pay $1,080.800 for each $1,000 principal amount, plus accrued interest, for all notes that were tendered after the consent deadline but before the expiration date.
As a result of the successful cash tender offer and consent solicitation, $43.4 million in restricted cash and $83 million in letters of credit previously held at Sithe were returned to Dynegy Power when the transaction closed.
The dealer manager is Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The depositary and information agent is D.F. King & Co., Inc. (212 269-5550 for brokers and banks, others call 800 488-8095).
New York-based Sithe/Independence Power Partners owns a natural gas-fired cogeneration facility. Houston-based Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services.
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