Cleary Gottlieb represented Empresa Distribuidora y Comercializadora Norte (Edenor) in a tender and exchange offer for any and all of its outstanding 10.5% senior notes due 2017 and an offering of 140 million 9.75% senior notes due 2022. The tender and exchange offer launched on October 1, and Edenor settled with the holders who tendered by the early participation deadline on October 25. The offers expired on November 1. The initial offering of the $140 million 9.75% senior notes due 2022 priced on October 15 and closed on October 25.
In connection with the exchange offer, Edenor exchanged $90.3 million of its outstanding 10.5% senior notes due 2017 for $90.3 million aggregate principal amount of 9.75% senior notes due 2022 and an aggregate payment of $9.5 million. In connection with the tender offer, Edenor purchased $32.4 million of its outstanding 10.5% senior notes due 2017 for an aggregate payment of $34.5 million. Pursuant to the exchange and tender offers, Edenor exchanged or purchased approximately 82.5% of its outstanding 10.5% senior notes due 2017.
J.P. Morgan Securities, Deutsche Bank Securities and Standard Bank served as the dealer managers of the exchange and tender offers and the initial purchasers of the $140 million 9.75% senior notes due 2022.
Edenor is the largest electricity distribution company in Argentina.
