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Chile's Enersis gets needed consents to amend three series of notes
By Susanna Moon
Chicago, July 24 - Enersis SA said it received the consents required to amend its 7 3/8% notes due 2014, 7.4% notes due 2016 and 6.6% notes due 2026 the notes.
The consent solicitations expired at 5 p.m. ET on Friday. The record date was July 7.
As of 5 p.m. ET on July 24, the company had received consents from holders of a majority of each series of notes. As a result, the company entered into a first supplemental indenture.
Subsidiary Empresa Nacional de Electricidad SA was simultaneously holding a consent solicitation for its 8.35% notes due 2013, 8 5/8% notes due 2015, 7 7/8% notes due 2027, 7 3/8% notes due 2037 and 8 1/8% notes due 2097.
Each company wants to amend the cross-default clause in the indenture governing its notes so that it would apply only to that company and its subsidiaries organized under the laws of the Republic of Chile. The definition of "significant subsidiary" would be similarly amended so that it would be limited to only those significant subsidiaries organized under the laws of Chile.
The concept of significant subsidiary is used in the bankruptcy and insolvency proceedings clauses of the indentures, the release noted.
The total outstanding principal amount of Enersis' three series of notes is $601 million, and the total outstanding principal amount of Endesa Chile's notes is $917 million.
Noteholders are being offered an undisclosed consent payment.
JPMorgan (866 846-2874 or 212 834-4374) is the solicitation agent. Global Bondholder Services Corp. (866 873-6300 or 212 430-3774) is the information agent.
Enersis holds direct and indirect participation in the electric power generation, transmission and distribution businesses. It holds a 60% interest in Endesa Chile, an electricity generation company. Both are based in Santiago, Chile.
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