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Essential Power extends consent date in tender offer for 10 7/8% notes
By Susanna Moon
Chicago, July 25 - Essential Power Holdings, LLC said it extended the consent deadline in the cash tender offer for the outstanding 10 7/8% senior secured second-lien notes due 2016 co-issued by its subsidiaries Essential Power, LLC and Essential Power Finance Corp.
The consent deadline is now 5 p.m. ET on Aug. 1. Withdrawal rights expired at 5 p.m. ET on July 16, the previous consent date.
As of 5 p.m. ET on July 25, holders had tendered $96.65 million principal amount, or 47.15%, of the notes.
The tender offer is still set to end at 5 p.m. ET on Aug. 15. The offer began July 2.
As previously noted, the company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and modify some of the events of default.
Holders who tender their notes must also consent to the proposed amendments.
The total payment will be $1,126.25 per $1,000 principal amount, including a $50.00 premium, of notes tendered by the consent date.
Holders will also receive accrued interest up to but excluding the settlement date.
The company may choose to accept for purchase notes tendered by the consent date early and settle them on Aug. 8.
The offer is conditioned on the receipt of tenders and consents for at least a majority of the outstanding notes by the consent date and the completion of one or more debt financings.
The dealer manager and solicitation agent is Barclays Capital Inc. (800 438-3242 or 212 528-7581). The information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers; others call 800 628-8532).
Essential Power Holdings was formerly known as North American Energy Alliance Holdings, LLC. The subsidiaries were formerly known as North American Energy Alliance, LLC and North American Energy Alliance Finance Corp., respectively.
Essential Power Holdings is based in Iselin, N.J. Essential Power, LLC is a wholesale power generation and marketing company.
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