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Cilcorp begins tender offer, consent solicitation for 8.7% notes, 9 3/8% bonds
By Angela McDaniels
Tacoma, Wash., Sept. 3 - Cilcorp Inc. has begun a tender offer for its $123.76 million of outstanding 8.7% senior notes due 2009 and its $210.57 million of outstanding 9 3/8% senior bonds due 2029, according to a company news release.
The company is also soliciting consents to amend the indenture governing the notes to eliminate some restrictive covenants.
The consent date is 5 p.m. ET on Sept. 16, and the tender offer will expire at midnight ET on Sept. 30.
For each $1,000 principal amount of 8.7% notes, the payout will be $1,057.50 plus accrued interest to the settlement date. This payout includes a $40.00 consent fee for notes tendered by the consent date.
For each $1,000 principal amount of 9 3/8% bonds, the payout will $1,230.00 plus accrued interest to the settlement date. This payout includes a $50.00 consent fee for notes tendered by the consent date.
To amend a series of notes, the company said it needs consents from holders of at least a majority of that series. Holders cannot tender their notes without delivering consent and vice versa.
Consummation of the tender offer and the consent solicitation is subject to conditions that include the absence of certain adverse legal and market developments and receipt of the needed consents.
J.P. Morgan Securities Inc. (212 834-4802 or 866 834-4666) is the dealer manager, and Global Bondholder Services Corp. (212 430-3774 or 866 857-2200) is the information agent.
Cilcorp is an Ameren Corp. subsidiary based in Peoria, Ill., that operates as a holding company for Central Illinois Light Co. and a non-rate-regulated subsidiary.
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