Transener tenders, solicits proxies for several series of notes due 2016

By Jennifer Chiou

New York, Nov. 8 - Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener SA announced the start of a cash tender offer for any and all of its $38,898,946 of Regulation S notes due 2016, $6,237,895 of restricted notes due 2016, $466,101 of definitive notes due 2016 and $8,647,868 of Regulation S notes due 2016.

The Buenos Aires-based electric company is also soliciting proxies for amendments to the indentures to eliminate substantially all of the restrictive covenants and certain related provisions.

Those who tender must vote in favor of the proposed amendments.

For each $1,000 nominal principal amount of notes, the company said it will pay $850.00 multiplied by a scaling factor, which includes an early tender premium of $20.00 multiplied by the scaling factor, which as of Nov. 7 equaled 0.9875.

The company said it will also pay accrued interest up to but not including the settlement date.

The early tender deadline is 5 p.m. ET on Nov. 21 and the proxy delivery deadline is 5 p.m. ET Nov. 24.

The tenders end at 5 p.m. ET on Dec. 7.

The offer is conditioned upon the receipt of the necessary proxies to adopt proposed amendments.

Deutsche Bank Securities Inc. (866 627-0391 or call collect 212 250-2955) and Citigroup Global Markets Inc. will be joint dealer managers and solicitation agents. Global Bondholder Services Corp. is the information agent and depositary (866 294-2200).

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