FirstLight's consent solicitation for 8.812% bonds due 2026 fails

By Toni Weeks

San Luis Obispo, Calif., Dec. 23 - FirstLight Hydro Generating Co. said it did not receive the necessary consents to effect the proposed amendments and waiver to the indenture governing its outstanding $320 million of 8.812% series B senior secured bonds due 2026, according to a press release.

The company began soliciting consents on Dec. 12 to waive its breach of obligations under the notes indenture and any event of default.

As previously noted, the amortized outstanding amount of notes is $271.25 million.

The offer, which expired at 5 p.m. ET on Dec. 20, was conditioned on receiving consents from holders of at least a majority of the outstanding notes.

The company had offered a consent fee of $2.00 for each $1,000 amortized principal amount of notes, with settlement set for Dec. 23.

The tabulation agent was Global Bondholder Services Corp. (attn.: corporate actions, 212 430-3774 or 866 470-4300, or fax 212 430-3775/3779).

The hydroelectric power company is based in Houston.

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