Genneia gives results of exchange, consent solicitation for two notes

By Rebecca Melvin

Concord, N.H., Aug. 31 – Genneia SA announced the final results of its Aug. 2 exchange offer and consent solicitation for any and all of its outstanding 8¾% series XX notes due 2022 (ISINs: US372319AA15, USP46756AH86) and any and all of its outstanding private notes due Jan. 22, 2022 (ISIN: XS1923602772).

As of the expiration at 5 p.m. ET on Aug. 30, the company exchanged $408,076,000 principal amount of its series XX notes, representing 81.62% of the notes; and $53,285,999 principal amount of private notes, representing 100% of the outstanding amount, according to a press release on Tuesday.

Of the principal amount of series XX notes tendered, about $73.15 million, representing about 15%, was tendered under the first option, and $334,926,000, representing about 67%, was tendered under a second option.

In addition, all private notes were tendered under option A, and as a result, there is no proration on the acceptance of tenders under option A.

Of the $408,076,000 of series XX notes tendered, $16,000 will be returned because they would result in new notes issued under the minimum denomination of $1,000.

The company further announced that it obtained the required consents to eliminate some restrictive covenants and events of default under the series XX notes indenture.

The company intends to pay the exchange consideration for the tendered notes together with the accrued interest payment on or about Sept. 2.

On the settlement date, the company expects to issue $366,118,638 aggregate principal amount of new notes and to pay about $134,933,508 cash consideration and the accrued interest payment as total consideration for the existing notes validly tendered and accepted into the exchange offer.

The payment per $1,000 principal amount of existing notes will be $1,015 principal amount of new notes under option A; $710 principal amount of new notes and $298 of early cash consideration per $1,000 principal amount of series XX notes tendered under option B; and in each case plus the applicable accrued interest payment.

The company had warned that if it was unable to consummate the exchange offer, it might not have been able to repay its debt under the existing notes at maturity.

BofA Securities, Inc. and J.P. Morgan Securities acted as dealer managers and solicitation agents for the offer and solicitation.

Global Bondholder Services Corp. was the exchange and information agent.

Genneia is a power company based in Buenos Aires.

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