Allegheny Energy accepts tenders for $146.85 million 8.25% notes, $97.48 million 7.8% notes

By Jennifer Chiou

New York, Sept. 8 - Allegheny Energy Supply Co., LLC said it accepted tenders for $146,846,000 of its $650 million of 8.25% notes due 2012 and $97,483,000 of its 7.8% notes due 2011.

The offer expired at midnight ET on Sept. 4.

The company previously increased the maximum size of the offer to $260 million from $220 million.

At Aug. 21, holders had tendered the same amount of 8.25% notes and $93.413 million of the 7.8% notes.

Following the upsizing, Allegheny Energy was offering to buy up to $160 million of the 8.25% notes and $100 million of the 7.8% notes. Previously, the limits had been the same, but the total amount to be purchased was limited to $220 million.

As announced when the tender started on Aug. 10, for each $1,000 principal amount, the company was offering $1,082.50 for the 8.25% notes and $1,062.50 for the 7.8% notes.

For both series, the payout included a $30.00 premium for each note tendered by 5 p.m. ET on Aug. 21.

Holders also received accrued interest up to but excluding the payment date.

If the principal amount of the notes tendered for a series exceeded the maximum tender amount, the principal amount of notes purchased would have been prorated.

The lead dealer manager was J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424), and the information agent was Global Bondholder Services Corp. (866 470-3900).

Allegheny Energy Supply is the power generation business of Allegheny Energy, Inc., an electric utility based in Greensburg, Pa.

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