Mexico’s IEnova starts consent solicitation for three series of notes

By Mary-Katherine Stinson

Lexington, Ky., Dec. 8 – Infraestructura Energetica Nova SAB de CV (IEnova) announced Thursday the launch of a consent solicitation for three series of notes, according to a press release.

The consent solicitations pertain to the following series of notes:

• $300 million outstanding 3¾% notes due 2028 (Cusips: P56145AA6, 456829AA8);

• $540 million outstanding 4 7/8% senior notes due 2048 (Cusips: P56145AB4, 456829AB6); and

• $800 million outstanding 4¾% senior notes due 2051 (Cusips: P56145AC2, 456829AC4).

IEnova is soliciting consents to amend the definition of IFRS in each indenture, expanding the term to include not only International Financial Reporting Standards as adopted by the International Accounting Standards Board but also U.S. Generally Accepted Accounting Principles, or GAAP. This will simplify IEnova’s internal reporting to align with and adopt the same set of accounting standards as that of its parent Sempra Infrastructure Partners, LP.

The solicitation will be successful if the company receives consents representing a majority of the principal amount outstanding for each series of notes.

A consent fee of $1 per $1,000 principal amount of the applicable series of notes will be paid to consenting noteholders who deliver consent to the proposed amendments prior to the expiration date.

No accrued interest will be paid in connection with the consent solicitations.

The offer expires at 5 p.m. ET on Dec. 16. This is also the revocation deadline.

The supplemental indenture and related proposed amendments will become effective immediately at the consent time but will not become operative until the consent fee is paid, which is expected within two business days of the expiration of the offer.

SMBC Nikko Securities America, Inc. (212 224-5328, 888 284-9760) is acting as the solicitation agent.

D.F. King & Co., Inc. (212 269-5550, 800-487-4870, ienova@dfking.com, www.dfking.com/ienova) is acting as the information and tabulation agent.

The consent solicitation statement is available at: www.dfking.com/ienova.

IEnova is Mexican gas distributor majority-owned by California-based utility holding company Sempra.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.