Brazil's Cemat, Celpa get tenders for 63.8% of 9½% note units

New York, Aug. 7 - Centrais Electricas Matogrossenses SA (Cemat) and Centrais Eletricas do Para SA (Celpa) said that holders of $63.799 million, or 63.8%, of the units consisting of their 9½% notes due 2012 had tendered by the offer expiration at 5 p.m. ET on Aug. 7.

That was up slightly from the $63.479 million, or 63.48%, response by the early tender deadline of 5 p.m. ET on July 24.

Settlement is scheduled for Aug. 10.

As announced on July 10, in addition to tendering for the notes, the companies were also soliciting consents to amend the indenture to eliminate certain covenants and certain related events of default.

For each $1,000 principal amount of units, the companies said that they will pay $1,065, which includes an early tender premium of $35 for those who tendered by the early deadline.

Cemat and Celpa said that they will also pay accrued interest to the settlement date.

The offer was conditioned on tenders from holders of a majority of units as well as the execution of a supplemental indenture.

Merrill Lynch, Pierce, Fenner & Smith Inc. (888 654-8637 or call collect 212 449-4914) and Unibanco Securities Inc. (call collect 212 832-1700) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 794-2200 or call collect 212 430-3774) is the depositary and information agent.

Cemat is an electricity company serving the state of Mato Gross, while Celpa serves the state of Para in Brazil.

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