InterGen extends tender offers for 9½% notes, 9% notes and 8½% notes

By Susanna Moon

Chicago, June 5 - InterGen NV said it extended the tender offer and consent solicitation for its £200 million of outstanding 9½% senior secured notes due 2017, $1.26 billion of 9% senior secured notes due 2017 and €150 million of 8½% senior secured notes due 2017.

The tender offer will now end at midnight ET on June 20, pushed out from midnight ET on June 18. The offer began May 21.

The early tender deadline is now 5 p.m. ET on June 6, extended from June 4. Tendered notes may no longer be withdrawn as of the previous early deadline.

As of 5 p.m. ET on June 4, investors had tendered £138.74 million, or 69.37%, of 9½% notes, $971,755,000, or 77.12%, of 9% notes and €86,967,000, 57.98%, of 8½% notes, according to a company press release.

The total purchase price will be £1,035.42 for each £1,000 of 9½% notes, $1,033.75 for each $1,000 of 9% notes and €1,032.08 for each €1,000 of 8½% notes tendered by the early tender date, as noted before.

The total payout includes an early tender premium of £5.00 per £1,000 of 9½% notes, $5.00 per $1,000 of 9% notes and €5.00 per €1,000 of 8½% notes.

Those who tender after the early tender date will receive £1,030.42 per £1,000 of 9½% notes, $1,028.75 per $1,000 of 9% notes and €1,027.08 per €1,000 of 8½% notes.

The company also will pay accrued interest up to but excluding the payment date.

Holders cannot deliver consent without tendering their notes or tender notes without delivering consents, as the company has noted.

The offer is part of an overall refinancing of the company's outstanding debt, and it is conditioned on completion of financing, which includes a new credit facility of up to $1 billion, a $700 million equity contribution by the company's sponsors or an $800 million offering of senior secured notes.

The company previously said it plans to call for redemption any notes that remain outstanding after completion of the tender offer.

Deutsche Bank Securities Inc. (855 287-1922) is the dealer manager and solicitation agent. D.F. King Worldwide (800 967-4617 or in London at +44 207 920 9700) is the information agent and the tender agent.

InterGen Services, Inc. is a Burlington, Mass.-based power generator.

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