Brazil’s Cemig to accept $243.89 million tendered 9¼% notes due 2024

By Marisa Wong

Los Angeles, Dec. 29 – Cemig Geracao e Transmissao SA announced the final results of its Nov. 28 cash tender offer for up to $250 million of its $1 billion of outstanding 9¼% notes due Dec. 5, 2024 (Cusips: 12517MAA0, P2205LAC9).

As of the expiration of the offer at 11:59 p.m. ET on Dec. 23, holders had tendered a total of $243.89 million, or 24.39%, of the notes. The company expects to accept all of the tendered notes for purchase, according to a Tuesday press release.

Of the total amount tendered, $240,702,000 was tendered as of the early tender deadline at 5 p.m. ET on Dec. 9. The early tendered notes settled on Dec. 21.

The remaining $3,188,000 is expected to settle on Dec. 28.

Noteholders who had tendered by the early deadline received $1,031.25 per $1,000 note, inclusive of a $50 early tender premium.

Noteholders who tendered their notes after the early deadline will receive $981.25 per $1,000 note.

Interest was or will be paid to the relevant settlement date.

The offer is subject to the satisfaction of a financing condition, a public offer of up to Rs. 1 billion of debentures.

Banco Bradesco BBI SA (646 432-6642), Goldman Sachs & Co. LLC (212 357-1452 or 800 828-3182), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Santander Investment Securities Inc. (855 404-3636 or 212 940-1442) are dealer managers.

D.F. King & Co., Inc. (212 269-5550, 800 578-5378 or cemig@dfking.com) is the information and tender agent.

Cemig GT is the generation and transmission unit of the Minas Gerais State integrated power company in Brazil.

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