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AES El Salvador Trust extends tender offer for financing condition
Chicago, June 10 – Panama-based AES El Salvador Trust II (Trustco II) extended the expiration time for its cash tender offer for any and all of its $310 million 6¾% notes due 2023 (Cusips: 00105NAA1, P06076AA4), launched with a concurrent consent solicitation, according to a company press release on Thursday.
The deadlines for both the tender offer and the consent solicitation have been extended to 10 a.m. ET on June 17 from 11:59 p.m. ET on June 9.
The purpose of the extension is to permit the issuer to meet the financing condition.
As of 5 p.m. ET on June 9, noteholders had tendered $284,058,000 of the notes, raised from $279,993,000 principal amount of notes at the early deadline.
For the concurrent consent solicitation, the company has received consents from holders representing 91.63% of the notes, up from 90.32% at the early deadline.
In the tender offer, holders are being offered $1,000 in cash for each $1,000 note, inclusive of a $30 early tender premium which is being extended again to the new expiration time.
Interest is also being paid to the settlement date.
After the company pays the total consideration to tendering and consenting holders on the final settlement date, the issuer intends to execute the supplemental indenture.
The issuer elected not to have an early settlement date.
Final settlement is expected to happen promptly after the deadline.
The tender agent and information agent is Global Bondholder Services Corp. (212 430-3774, 855 654-2014, contact@gbsc-usa.com, https://www.gbsc-usa.com/fmv).
J.P. Morgan Securities LLC (866 846-2874) is the dealer manager and solicitation agent.
The company is based in Panama.
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