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Argentina’s Edenor seeks consents for waiver under 9¾% notes due 2025
By William Gullotti
Buffalo, N.Y., April 25 – Empresa Distribuidora y Comercializadora Norte SA successfully consummated the consent solicitation to amend the indenture governing its 9¾% senior notes due 2025 (Cusips: 29244AAL6, P3710FAM6), according to a press release and a notice on Tuesday.
As previously reported, the issuer had reached an agreement on Dec. 29 with the Argentine government to restructure its commercial debt with Cammesa (Compania Administradora del Mercado Mayorista Electrico SA) as of August 2022. This agreement effectively reduces debt owed to Cammesa by around Ps. 20 billion, from $288 million to $188 million, with the balance to be repaid over eight years at a discounted interest rate (50% of the WEM rate).
As of April 10, the amount equivalent to three of the 96 progressively increasing installments totals about $3.2 million, representing around 2% of the debt owed to Cammesa and less than 0.2% of the issuer’s total assets.
The issuer received the required consents between the solicitation itself, which expired April 19, and at Tuesday’s meeting of noteholders to execute the waiver agreement.
The issuer is permitted by the waiver agreement to grant the Cammesa pledge once the noteholders of the 2024 local notes provide their consent, as well as when other necessary conditions from that 2022 agreement are satisfied.
Bank of New York Mellon is the trustee, and Banco de Valores SA is representative of the trustee in Argentina.
Morrow Sodali International LLC (https://projects.morrowsodali.com/Edenor; 203 609-4910, +44 20 4513 6933; edenor@investor.morrowsodali.com) is the information, tabulation and proxy agent.
Edenor is a Buenos Aires-based electricity producer.
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