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PPL Energy short of majority in exchange offer for Ironwood bonds
By Jennifer Chiou
New York, Dec. 14 - PPL Energy Supply, LLC said it did not reach a majority of participants in its private offer to issue 2.375% senior notes due 2017 in exchange for up to all of the 8.857% senior secured bonds due 2025 issued by its wholly owned subsidiary, PPL Ironwood, LLC.
The exchange offer ended at 11:59 p.m. ET on Dec. 13.
The company said that it continues to consider its options for the Ironwood bonds.
The total purchase price would have been $1,190 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Nov. 29. The price would have dropped to $1,140 per $1,000 of notes tendered after the early deadline.
The prices were going to be paid in new 2.375% senior notes.
Along with the exchange, the company was seeking consents to amend the Ironwood bonds to eliminate substantially all of the restrictive covenants and provisions relating to the operation and financing of the facilities operated by Ironwood.
The exchange offer and consent solicitation were conditioned on the company receiving tenders for a majority of the outstanding Ironwood bonds in exchange for the new notes, the issuance of a minimum principal amount of new notes and the required consents to amend the notes.
D.F. King & Co., Inc. (800 714-3313, or collect 212 269-5550 or go to http://www.dfking.com/ppl) was the information agent.
PPL Energy is an Allentown, Pa.-based energy company that generates and markets electricity, primarily in the northeastern and northwestern power markets of the United States. It began the offer on Nov. 15.
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