Hidroeléctrica Piedra del Aguila extends APE solicitation

New York, May 18 - 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 26 from 5 p.m. ET on May 14.

The company also cut the minimum response required for the offer to be completed to 89% of its existing bonds from 95%.

As of 5 p.m. ET on May 14, holders had tendered $245.9 million of existing bonds, meaning the 89% requirement has now been met, assuming none are withdrawn.

Hidroeléctrica Piedra del Aguila said on May 3 that it had received tenders of $180.7 million of the existing bonds as of 5 p.m. ET on April 30, the previous deadline for the offer.

Hidroeléctrica Piedra del Aguila said at that time that 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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