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Edenor announces successful consummation of consent solicitation
Chicago, Aug. 2 – Empresa Distribuidora y Comercializadora Norte SA (Edenor) announced the successful consummation of its consent solicitation for its 9¾% senior secured notes due 2022, according to a company news release.
Settlement is expected for Aug. 6. Noteholders will receive a consent payment for notes where a consent was delivered. The consent fee is $20 per $1,000 principal amount of notes.
As reported on July 19, an ad hoc group of holders of the company’s notes had formed to oppose the consent solicitation.
The company said it “is grateful for the trust placed by the supporting holders of the notes in the issuer” in the press release on Monday.
As reported earlier in a story about the launch of the solicitation, the company was asking holders to consent to some proposed waivers to the indenture dated Oct. 25, 2010 with Bank of New York Mellon as trustee.
The proposed waiver will allow the issuer to omit compliance with the section of the indenture relating to a repurchase at the option of holders upon a change of control in connection with the acquisition of control over the issuer by Empresa de Energia del Cono Sur SA, without causing a default or event of default as a result.
The consent solicitation expired at 5 p.m. ET on July 30.
The record date was 5 p.m. ET on July 15.
The solicitation was conditioned on satisfaction or waiver of some customary conditions, including the receipt of consents from holders of a majority of the principal amount of notes.
BCP Securities, LLC (203 629-2186) worked as the solicitation agent.
D.F. King (866 828-6931, +44 20 7920 9700 or edenor@dfking.com) was the information and tabulation agent.
Quantum Finanzas acted as the financial adviser.
Edenor is a Buenos Aires-based electricity producer.
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