InterGen offers to buy 7%, 7˝% senior secured notes after asset sale

New York, April 30 – InterGen NV announced an asset sale tender offer for all of its outstanding sterling-denominated 7˝% senior secured notes due 2021 and its dollar-denominated 7% senior secured notes due 2023.

The company will pay par plus accrued interest up to but excluding the purchase date, according to a notice.

Tenders must be submitted by the expiration date of 12 p.m. ET on May 29.

Settlement is planned for May 31.

The offer follows the sale of InterGen’s Mexican assets to Cometa Energia, SA de CV on April 26.

InterGen said that it determined that under the note indenture $408 million of the proceeds count as asset sale excess proceeds. A further $92 million of the proceeds from the sale are still pending under the application requirements of the indenture.

InterGen said that it will use the asset sale proceeds to buy notes tendered and may at its option purchase any additional notes tendered.

If the response to the tender offer does not reach a level equal to the asset sale excess proceeds then the company may decide to redeem some of the sterling notes. The redemption would be on or after June 30.

The company may also consider potential options to restructure all or part of its remaining capital structure, including refinancing some or all of the remaining debt.

Any remaining proceeds from the asset sale may also be used for other purposes permitted under the indenture including investments, acquisitions, dividends or other distributions to the company’s shareholders or purchases of any remaining notes through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions of the notes or otherwise.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or intergen@lucid-is.com) is tender agent.

InterGen is a Boston-based power generating company with five power plants in operation and one under construction in Australia and the United Kingdom. It is owned by the Ontario Teachers’ Pension Plan and China Huaneng Group/Guangdong Yudean Group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.