Enmax gets needed consents from holders of series 3, 4 debentures

By Wendy Van Sickle

Columbus, Ohio, Aug. 28 – Enmax Corp. said it successfully completed a solicitation of consents and proxies from holders of its 8.05% series 3 senior debentures due Dec. 5, 2024 and 3.836% series 4 senior debentures due June 5, 2028.

Holders of 77.44% of the principal amount of outstanding debentures delivered valid consents and proxies voting for the approval of the proposed amendments, exceeding the required consent threshold of 66 2/3% of the principal amount of all outstanding debentures, as a single class, the company reported in a news release.

The resolution approving the proposed amendments has been passed, and the previously called meeting of holders of debentures, to vote as a single class; and (ii) separate meetings of the holders of each series of debentures, to vote separately as a series, which were set for Aug. 30, have been canceled.

The amendments will change the restrictions on debt of designated subsidiaries.

Enmax plans to execute a supplemental indenture effecting the amendments and will pay a consent fee promptly thereafter to holders who delivered and did not revoke valid consents, according to the release.

BMO Capital Markets acted as the solicitation arranger.

Kingsdale Advisors (888-518-1557 or corpaction@kingsdaleadvisors.com) acted as the information and paying agent.

Calgary, Alta.-based Enmax makes, moves and sells electricity to residential, small business and large commercial customers.

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