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Sithe/Independence holders tender 99.69% of 9% bonds by early deadline
New York, Sept. 9 - Sithe/Independence Power Partners, LP subsidiary Sithe/Independence Funding Corp. received tenders and consents for $191,088,414.23, or 99.69%, of its $191,687,012.42 principal amount of 9% secured bonds due 2013 by the consent deadline, according to a news release. Sithe/Independence Power is a subsidiary of Dynegy Inc.
Sithe said it now has the necessary consents to amend the note indenture and has executed a supplemental indenture. It was seeking to change the satisfaction and discharge provisions and eliminate some of the restrictive covenants, some events of default and other provisions.
The tender offer will expire at 11:59 p.m. ET on Sept. 23.
The company will pay $1,110.80 for each $1,000 principal amount of notes. This amount includes a consent payment of $30.00 for notes that were tendered with consents by 5 p.m. ET on Sept. 9.
Holders will also receive accrued interest up to but excluding the payment date, which is expected to be Sept. 12 for notes tendered by the consent payment deadline.
The tender offer and consent solicitation are expected to be funded with cash on hand.
The offer was conditioned on the receipt of tenders for a majority of the notes by the consent payment deadline and the execution of a supplemental indenture giving effect to the proposed amendments.
The dealer manager is Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The depositary and information agent is D.F. King & Co., Inc. (212 269-5550 for brokers and banks, others call 800 488-8095).
New York-based Sithe/Independence Power Partners owns a natural gas-fired cogeneration facility. Houston-based Dynegy's subsidiaries produce and sell electric energy, capacity and ancillary services.
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