Autopistas del Sol extends APE solicitation, amends terms, also extends tender offer

New York, July 9 - Autopistas del Sol SA said it had extended its previously announced solicitation from holders of its 9.35% series A senior notes due 2004 and series B senior notes due 2009 and other unsecured debt of powers of attorney in favor of an attorney-in-fact to execute a consent to an acuerdo preventivo extrajudicial.

The solicitation will now end at 5 p.m. ET on July 23, from the previous July 8 deadline.

The company said that it was extending the deadline to allow debt holders to consider changes it had made in the terms of the APE solicitation.

Autopistas said that as of 5 p.m. ET on July 8, $334 million principal amount of debt (or approximately 82% of the outstanding amount) had been tendered in the APE solicitation, up from the $264 million that had been tendered as of July 3, when the deadlines had last been previously extended. The company said that to date, it has executed support agreements with certain financial institutions that hold approximately $56 million aggregate principal amount of existing debt. The APE solicitation is being extended as a result of certain changes to the terms of the solicitation contained in these support agreements.

Autopistas said that among other changes, it has modified the combination option to include the option to receive either listed fixed-rate discount notes or unlisted fixed-rate discount notes; and it increased the total number of new shares it will issue if the combination option is fully subscribed to 52.735 million from 52.58 million, but has decreased the number of shares it will issue per $1,000 principal amount of existing debt accepted in the combination option to 199from 239, in order to avoid the issuance of fractional shares.

Buenos Aires, Argentina-based Autopistas del Sol said it was also extending its offer to spend up to $18 million to purchase for cash part of its existing debt at a price to be determined through a "modified Dutch auction" to 5 p.m. ET on July 23 from the old July 8 deadline.

Both the APE solicitation and the cash tender offer expiration deadlines are subject to possible further extension.

The company said that as of the old deadline, $5 million had been tendered in the cash tender offer, unchanged from previously announced levels.

The information agent is D.F. King & Co., Inc. (212 493-6920).

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