Salton Sea Funding seeks holders' consents to amend three notes series

By Susanna Moon

Chicago, Dec. 2 - Salton Sea Funding Corp. is soliciting consents from holders of its 7.84% senior secured series C bonds due 2010, 8.3% senior secured series E bonds due 2011 and 7.475% senior secured series F bonds due 2018, according to a press release from MidAmerican Energy Holdings Co.

The consent solicitation is to permit the company to consent under credit agreements to the change in organization of some guarantors of the company's debt securities. The conversions are intended to optimize the organizational structure of the company, the guarantors and their affiliates under existing federal and state tax laws and regulations, the release said.

As part of the consent solicitation, the company will make a cash payment of $2.50 per $1,000 principal amount of debt securities to holders of record as of Dec. 1 who have delivered their consents by 5 p.m. ET on Dec. 16.

MacKenzie Partners, Inc. (800 322-2885, attn.: Jeanne Carr or Simon Coope) is information agent.

Salton Sea Funding is an Omaha-based indirect wholly owned subsidiary of CE Generation, LLC, which is owned by MidAmerican Energy and TransAlta (CE GEN) Investments USA Inc.

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