AES Andes begins any-and-all, capped tender offers for 2025, 2079 notes

By Marisa Wong

Los Angeles, March 4 – Chile’s AES Andes SA has launched offers to purchase for cash any and all of its $117,488,000 outstanding 5% senior notes due 2025 (Cusip: 00105DAE5, P0607LAB9) and up to $100 million aggregate principal amount of its $328,407,000 outstanding 6.35% junior subordinated capital notes due 2079 (Cusip: 00105DAG0, P0607LAD5), according to a Monday press release.

The issuer is offering a total consideration per $1,000 principal amount of $978.75 for the 2025 notes and $1,000 for the 2079 notes.

Each total consideration includes an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender deadline.

The issuer will also pay accrued interest.

The early tender payment deadline is 5 p.m. ET on March 15, which is also the withdrawal deadline.

If the company elects to have an early settlement date, it is expected to be March 20.

The offers will expire at 5 p.m. ET on April 2.

Final settlement is expected to occur on the third business day following the expiration time.

For the 2079 notes offer, tenders may be subject to proration if the cap is exceeded. Notes tendered prior to the early deadline will have priority in acceptance over notes tendered after the early deadline.

Neither offer is conditioned on any minimum amount of notes being tendered. However, there is a financing condition, among others.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. are joint dealer managers for the tender offers. Credit Agricole Securities (USA) Inc. is co-dealer manager.

Global Bondholder Services Corp. (855 654-2014) is the tender and information agent.

The electric utility is based in Santiago, Chile.

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