Cilcorp receives consents needed to amend 9 3/8% bonds due 2029

By Angela McDaniels

Tacoma, Wash., Nov. 18 - Cilcorp Inc. had received consents from holders of $208,984,000 principal amount, or 99.25%, of its $210,565,000 of 9 3/8% senior bonds due 2029 as of 5 p.m. ET on Nov. 17, according to a company news release.

The amount of consents received is enough to amend the note indenture. The company expects to enter into a supplemental indenture effecting the proposed amendments, which will eliminate some restrictive covenants.

Cilcorp needed consents from holders of at least a majority of the bonds in order to amend the indenture.

A tender offer for the bonds began Nov. 6 and will end at midnight ET on Dec. 7.

The purchase price is $1,210 for each $1,000 principal amount of bonds. This payout includes a $50 consent fee for each note tendered by the consent deadline, which was 5 p.m. ET on Nov. 17.

Holders will also receive accrued interest up to but excluding the settlement date.

The consummation of the tender offer is subject to conditions that include the absence of certain adverse legal and market developments.

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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