Integrys files for covenant changes with upcoming debt offering

By Jennifer Chiou

New York, Nov. 9 - Integrys Energy Group, Inc. intends to add a covenant for the benefit of certain holders of a designated series of its long-term debt senior to its 6.11% junior subordinated notes due 2066 in connection with Integrys' anticipated offering of debt securities, according to an 8-K filing with the Securities and Exchange Commission.

The company said that it is filing a form of replacement capital covenant, stating that it will refrain from the redemption or repurchase of the junior subordinated notes on or prior to Dec. 1, 2036, unless - subject to certain limitations - during the 360 days prior to the repurchase or redemption date, it has received a specified amount of proceeds from the sale of qualifying securities that have equity-like characteristics.

At the same time, Integrys said it is filing an amendment to the replacement capital covenant form also for the benefit of certain debtholders to delete the covenants that currently restrict its ability to redeem or repurchase the junior subordinated notes without the issue of replacement capital securities.

Integrys is a Chicago-based utility company.

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