Marubeni terminates consent solicitation for Mirant's 7.017% notes; tender continues

By Jennifer Chiou

New York, Sept. 6 - Marubeni Caribbean Power Holdings, Inc. announced the termination of the consent solicitation for Mirant Trinidad Investments, LLC's $100 million of 7.017% notes due 2016.

The cash change-of-control tender offer for the 7.017% notes and for any and all of the $180 million of 11% senior notes due 2016 issued by Jamaica Public Service Co. Ltd. and Mirant JPSCO Finance Ltd. continues.

Marubeni acquired Mirant Trinidad and Jamaica Public on Aug. 8.

The offer began on Aug. 23.

The change-of-control offer is being made by Marubeni JPS (Cayman Islands) Finance Ltd., a limited-purpose entity and a subsidiary of Marubeni Caribbean formed for this purpose.

The company had been soliciting consents to amend the indenture of the 7.017% notes to eliminate certain restrictive covenants and events of default and to modify the provisions.

The consent deadline was to have been 5 p.m. ET on Sept. 5.

The offer for the 7.017% notes ends at midnight ET on Sept. 19, and the offer for the 11% notes ends at 5 p.m. ET on Sept. 20.

Tendering 11% noteholders will receive 101% plus accrued interest up to the purchase date.

Those who tender their 7.017% notes will receive $1,011.25 per $1,000 principal amount. The amount previously included a consent payment of $1.25. Holders will also receive accrued interest to the purchase date.

Marubeni JPS intends to finance the offer with proceeds from a new $110 million credit facility that it has entered into with a group of lenders.

ABN Amro Inc., Calyon Securities (USA) Inc., ING Financial Markets LLC and Mizuho Securities USA Inc. are the dealer managers and solicitation agents.

D.F. King & Co., Inc. is the information agent (800 290-6429).

Jamaica Public is a Kingston, Jamaica-based energy services company.

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