Ansaldo Energia holders agree to void put option under 2.875% notes

By Susanna Moon

Chicago, Aug. 1 – Ansaldo Energia SpA obtained holder approval to amend its €420 million 2.875% notes due 2020 to avoid triggering a put option under the note terms.

The consent fee of 0.05% will be paid to noteholders who voted for the measure, with payment within five business days from the amendment effective date, according to a notice.

As announced July 15, Ansaldo sought holder amendments to approve a transfer of share capital in the company and to avoid triggering a put option.

Specifically, the 44.55% share capital held by FSI Investimenti SpA will be transferred to CDP Equity SpA, which owns about 77% of FSI.

Noteholders were asked to approve the transfer and agree that the transaction would not constitute a change of control event and therefore not trigger a put option for the holders.

The initial noteholder meeting was set for 9 a.m. ET on Aug. 1 in Milan, Italy.

To establish a quorum, at least one person representing more than half the outstanding notes needed to be represented at the meeting. To pass, holders of at least half the notes represented at the meeting had to vote for it.

The power engineering company is based in Genoa, Italy.

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