Energy Future extends early tender deadline for second-lien notes

By Jennifer Chiou

New York, May 20 - Energy Future Intermediate Holding Co. LLC, a wholly owned subsidiary of Energy Future Holdings Corp., and EFIH Finance Inc. announced the extension of the early participation deadline in the tender offer for two series of notes related to its second-lien settlement.

The tender offer covers the company's $406,392,000 of 11% senior secured second-lien notes due 2021 and its $1.75 billion of 11¾% senior secured second-lien notes due 2022.

According to a press release, the early tender deadline is now 5 p.m. ET on May 30, pushed back from May 23.

For each $1,000 principal amount, the total purchase price will be $1,123.22 for the 11% notes and $1,166.22 for the 11¾% notes, both including an early tender payment of $50.00 per $1,000 of notes tendered by the early deadline.

Participating holders will also receive accrued interest.

The tender offer will end at 11:59 p.m. ET on June 6.

Those who tender after the early deadline will receive the total amount less the early premium.

The release noted that the completion of the second-lien settlement is subject to, among other things, the closing of new debt financing through the issue of about $1.9 billion of 8% convertible second-lien subordinated secured DIP financing notes due 2016. In addition, the settlement won't go through unless it receives bankruptcy court approval.

Epiq Systems (646 282-2500 or 866 734-9393, or by email at tabulation@epiqsystems.com) is the agent and depositary agent.

Energy Future, a Dallas-based power generation company and utility operator, filed bankruptcy on April 29 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-10979.

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