GUATEMALA CITY, Dec. 7, 2017 /PRNewswire/ — Intertrust SPV (Cayman) Limited, an ordinary company incorporated with limited liability under the laws of the Cayman Islands, acting solely in its capacity as trustee (the “Issuer”) of the Energuate Trust (the “Trust”), established pursuant to a Trust Deed dated December 24, 2016, announced today that it has received valid consents (the “Requisite Consents”) from the holders of a majority in aggregate principal amount of its outstanding 5.875% Senior Notes due 2027 (the “Notes”) in connection with its previously announced solicitation (the “Solicitation”) of consents (the “Consents”) to certain proposed amendments (the “Proposed Amendments”) to the Loan Agreement, dated as of May 3, 2017 (the “Loan Agreement”), by and among Distribuidora de Electricidad de Occidente, S.A. (“DEOCSA”) and Distribuidora de Electricidad de Oriente, S.A. (“DEORSA” and, together with DEOCSA, the “Parent Guarantors”), as borrowers, Credit Suisse AG, Cayman Islands Branch (the “Lender”), and The Bank of New York Mellon, as administrative agent, as set forth in the Consent Solicitation Statement (the “Statement”) and the related Consent Form (the “Consent Form”), each dated as of November 28, 2017. The Solicitation expired at 5:00 p.m., New York City time, on December 7, 2017 (the “Expiration Time”).
The Notes were issued pursuant to an indenture, dated as of May 3, 2017 (the “Indenture”), by and among the Issuer, the Parent Guarantors and The Bank of New York Mellon, as trustee (the “Trustee”).
The Proposed Amendments will amend the Loan Agreement in connection with the sale (the “Acquisition”) by Inkia Energy Limited (“Inkia”), an exempted company organized under the laws of Bermuda with operations in Latin America and the Caribbean, and one of Inkia’s subsidiaries of substantially all of their assets, including approximately 91% of the equity interests in DEOCSA and approximately 93% of the equity interests in DEORSA, to holding companies indirectly owned by certain funds managed by I Squared Capital Advisors (US) LLC and one or more minority co-investors (collectively, the “Sponsor”).
The Issuer expects to execute an amendment to the Loan Agreement that contains the Proposed Amendments on or about December 19, 2017, upon completion of required notice periods. The Proposed Amendments will become operative upon the satisfaction or waiver of all conditions to the Solicitation and the payment of the Consent Fee.
In the event that each of the conditions to the Solicitation described in the Statement is satisfied