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Peru’s Orazul accepts $145.31 million of tendered 5 5/8% notes due 2027
Chicago, Aug. 12 – Orazul Energy Peru SA’s tender offer for up to $150.4 million of its $550 million outstanding 5 5/8% senior notes due 2027 (Cusips: 68559BAA5, P7372BAA1) has expired, according to a press release on Thursday.
As of the expiration deadline at 11:59 p.m. ET on Aug. 11, the company received tenders for $362,521,000 of the notes.
Orazul will accept $145,314,000 of the notes, using a proration factor of 40.1%.
According to the amended offer, the company will pay a total consideration of $1,035 plus interest for each $1,000 note.
On July 12, Orazul extended the early payment deadline in the offer to match the expiration so that all noteholders who tendered could receive the early tender premium of $50 per $1,000 note.
As announced on June 28, Orazul originally planned to accept bids in a price range of $1,000 to $1,020 per $1,000 note, which was to be inclusive of an early tender premium of $50 per note.
The tender offer constitutes an asset sale offer under the requirements of the indenture in connection with Orazul’s sale in August 2020 of its indirect ownership in the transmission business companies Etenorte SRL and Eteselva SRL.
Settlement is planned for Aug. 12, as previously reported.
Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are dealer managers for the tender offer.
D.F. King & Co., Inc. (866 370-1749, 212 269-5550) is the information and tender agent for the offer.
Formerly Orazul Energy Egenor S. en C. por A, Orazul Energy is a Lima, Peru-based power generation and distribution company.
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