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Guatemala’s Energuate gets 5 7/8% noteholder consent to amend loan
By Susanna Moon
Chicago, Dec. 8 – Energuate Trust said it has secured the needed majority of consents to amend its 5 7/8% senior notes due 2027 issued through trustee Intertrust SPV (Cayman) Ltd.
Energuate expects to execute an amendment to the loan agreement on Dec. 19, which will become operative upon payment of the consent fee, according to a company press release on Friday.
As announced Nov. 28, the trust sought noteholder consents to amend the loan agreement dated May 3, 2017 with Distribuidora de Electricidad de Occidente, SA (Deocsa) and Distribuidora de Electricidad de Oriente, SA (Deorsa) as borrowers, Credit Suisse AG, Cayman Islands Branch as lender and Bank of New York Mellon, as administrative agent.
The 5 7/8% notes were issued under an indenture dated May 3, 2017 with Deocsa and Deorsa as parent guarantors and Bank of New York Mellon as trustee.
The proposed amendments would amend the loan agreement in connection with Inkia Energy Ltd.’s sale of substantially all of its assets, including about 91% of the equity interests in Deocsa and roughly 93% of the equity interests in Deorsa, to holding companies indirectly owned by funds managed by I Squared Capital Advisors (US) LLC and some minority co-investors.
The consent solicitation ended at 5 p.m. ET on Dec. 7.
To holders who gave their consents, the issuer will pay a consent fee of $2.50 in cash for each $1,000 principal amount of notes. Holders must be of record as of 5 p.m. ET on Nov. 27.
The company will pay the consent fee at or immediately before the Inkia acquisition closes.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is solicitation agent, and D.F. King & Co., Inc. (866 530-8636, 212 269-5550 for banks and brokers, energuate@dfking.com) is information and tabulation agent for the solicitation.
Through Deocsa and Deorsa, Energuate is an energy distributor in Guatemala.
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