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Edenor offers to exchange 9¾% notes due 2022 for notes due 2025
By Wendy Van Sickle
Columbus, Ohio, April 12 – Empresa Distribuidora y Comercializadora Norte SA (Edenor) began an offer to exchange any and all of its $98,057,000 of outstanding 9¾% senior notes due 2022 (Cusips: 29244AAK8, P3710FAJ3) for 9¾% senior notes due May 12, 2025, according to a company news release.
The offer is available only to holders of existing notes who are Rule 144A qualified institutional buyers or non-U.S. persons under Regulation S.
There are two options for participating noteholders to choose from.
Under option A, the total consideration will be $1,050 of new notes per $1,000 of existing notes. The total consideration includes a $20 new-note premium that will be issued only to holders who participate by the early deadline of 5 p.m. ET on April 28.
Under option B, the total consideration per $1,000 of existing notes will be 1.04 times the difference between $1,000 and the pro-rata cash consideration in new notes and a cash consideration equal to the lesser of 30% of the principal amount of existing notes that are validly tendered and accepted for exchange in the offer and the principal amount of the existing notes accepted for exchange under option B. For holders tendering under option B after the early deadline, the principal amount of new notes will drop to 1.02 times the difference between $1,000 and the pro-rata cash consideration.
The offer will expire at 5 p.m. ET on May 9.
Holders will also receive accrued interest to the settlement date, which is expected to be May 12.
Morrow Sodali Ltd. (203 609-4910, +44 20 4513 6933 or Edenor@investor.morrowsodali.com) is the exchange and information agent.
BofA Securities, Inc. and BCP Securities, Inc. are dealer managers outside of Argentina.
Global Valores SA (5411 5235 1232 or capitalmarkets@globalvalores.com.ar) is Argentine dealer manager.
Edenor is a Buenos Aires-based electricity producer.
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