Hidroeléctrica Piedra del Aguila extends APE solicitation

New York, May 3 - Hidroeléctrica Piedra del Aguila SA said it has extended its tender offer and solicitation for consents to an acuerdo preventivo extrajudicial (APE) for its existing debt to 5 p.m. ET on May 14 from 5 p.m. ET on April 30.

As of the old deadline, holders had tendered $180.7 million of the existing bonds.

Hidroeléctrica Piedra del Aguila said it has finalized the solicitation of consents for the series I and series II bonds but has not yet received the necessary consents for the series III and series IV bonds.

Following discussions with holders, Hidroeléctrica Piedra del Aguila said it has modified the terms of the new bonds that will be issued.

Covered by the offer are Hidroeléctrica Piedra del Aguila's 8% series I debt due 2009, 8¼% series II debt due 2009, 8% series III debt due 2009 and 8¼% series IV debt due 2009. In each series, the exchange covers both negotiable obligations and fiduciary titles.

D.F. King & Co. is information agent for the offer (212 269-5550) or contact the company at (54 11 4311-3470).

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