AES Panama SRL recently announced the results from its cash tender offer to buy all of the company’s outstanding 6.35 percent Senior Notes that are due in 2015 as well as the company’s solicitation of consents for proposed amendments about the governing Notes.
The offer, as well as the solicitation, expired July 2.
The company first began its Tender Offer and Consent Solicitation process on June 4. AES was subject to the terms and conditions that were included in the Offer to Purchase and Consent Solicitation Statement. The proposal included a Letter of Transmittal and Consent. The company was approved with the consents necessary for the Proposed Amendments.
HSBC Bank USA served as the trustee under the indenture, and carried out a supplemental indenture for the proposed amendments. The bank and the company offered the end of certain default applicable events in the notes as well as the restrictive covenants.
Due to the expiration time, the company had accepted consents and tenders amount to $217 million made of aggregate principal amounts from the outstanding Notes. All of the Notes that were tendered after June 24 were still able to receive $1,047.50 for each of the $1,000 principal amount Notes, as well as the accrued and unpaid interest through Monday.
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