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Mexico’s IEnova gains consents to amend three series of notes
By Mary-Katherine Stinson
Lexington, Ky., Dec. 19 – Infraestructura Energetica Nova SAB de CV (IEnova) announced Friday that it had gained the necessary consents to amend three series of notes, according to a press release.
The success of the consent solicitation meant IEnova received consents representing a majority of the principal amount outstanding for each of 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 has executed a supplemental indenture to each indenture, each of which is effective and implements the proposed amendments.
As previously reported, IEnova was 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.
A consent fee of $1 per $1,000 principal amount of the applicable series of notes will be paid to consenting noteholders who delivered consents to the proposed amendments prior to the expiration date.
No accrued interest will be paid in connection with the consent solicitations.
The offer expired on 5 p.m. ET on Dec. 16. This was also the revocation deadline.
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.
IEnova is Mexican gas distributor majority-owned by California-based utility holding company Sempra.
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