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Electricidad Argentina extends early consent deadline for APE debt restructuring
By Caroline Salls
Pittsburgh, April 17 - Electricidad Argentina SA, the controlling shareholder of Empresa Distribudora y Comercializadora Norte SA (Edelnor), has extended its early consent deadline for its debt restructuring under an acuerdo preventivo extrajudicial to April 21 from April 14, according to a company news release.
The company said it extended the early consent deadline to allow the maximum number of creditors possible to receive additional notes under the restructuring.
Debtholders who consent by 5 p.m. ET on April 21 will receive $26.67 in additional notes for each $1,000 of debt and $46 in discount notes for each $1,000 of debt, plus cash interest from Jan. 1 up to the issue date of the new notes.
The invitation to subscribe to the APE runs through 5 p.m. ET on April 28.
Consents are being solicited from holders of the company's floating-rate notes due 2004 and its bank debt with Banque Europeene Pour l'Amerique Latine.
As previously reported, under the APE, debtholders can exchange their debt for new notes in the company at par and/or discount notes.
Under the par option, for each $1,000 of debt, creditors can receive$1,000 of new notes.
Under the discount option, holders will receive $800 in discount notes for each $1,000 of debt.
The par notes will bear interest at 3% through 2009, then at 3.5% in 2010, 4% in 2011 and 5% in 2012 through 2017.
The discount notes will bear interest at 2.125% through 2008, 4% in 2009 and 2010, 5% in 2011 and 2012, 6% in 2013 and 2014 and 7% in 2015 and 2016.
Law Debenture Trust Co. of New York is the exchange agent.
Electricidad Argentina is a Buenos Aires electric company.
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