SANTIAGO, Chile, July 8 /PRNewswire-FirstCall/ -- ENERSIS S.A. ('Enersis,'
or the 'Company') (NYSE: ENI) today announced that it has commenced a consent
solicitation with respect to a proposed amendment to the Indenture dated as of
November 1, 1996 governing its (a) 7.375% Notes due 2014, (b) 7.40% Notes due
2016, and (c) 6.60% Notes due 2026 ($601 million aggregate principal amount;
CUSIP numbers 29274FAE4, 29274FAD6 (144 A), P37186AA4 (Reg. S), 29274FAB0 and
29274FAC8) (the 'Notes'). The proposed amendments would amend Section 501
(4), the cross default clause, so that it would apply only to Enersis and its
Subsidiaries organized under the laws of the Republic of Chile. The
definition of 'Significant Subsidiary' would be similarly amended so that it
would be limited to only those Significant Subsidiaries (as defined) organized
under the laws of the Republic of Chile. The concept of Significant
Subsidiary is used in Sections 501 (5) and (6), the bankruptcy and insolvency
proceedings clauses, of the Indenture.
The consent solicitation is subject to the terms and conditions set forth
in the Company's Consent Solicitation Statement dated July 8, 2009, including
the receipt of valid consents from the holders of not less than a majority in
aggregate principal amount of the outstanding Notes, excluding Notes owned by
the Company or any affiliate of the Company. The consent solicitation will
expire at 5:00 p.m., New York City time, on July 24, 2009, unless earlier
terminated or extended by Enersis (the 'Consent Deadline'). Only a holder of
Notes as of 5:00 p.m., New York City time, on July 7, 2009 will be eligible to
approve the amendments and receive a consent payment for such approval.
Simultaneously with this consent solicitation, Empresa Nacional de
Electricidad S.A. ('Endesa Chile', NYSE: EOC), a Chilean subsidiary of
Enersis, is separately seeking consents to amend substantively identical
provisions of the Indenture dated as of January 1, 1997, in a similar manner
to the proposed amendment mentioned above. The conditions for the success of
the consent solicitation require that a majority of the Notes under both the
Enersis and Endesa Chile Indentures approve the respective amendments.
However, Enersis may elect to waive any condition to accepting consents or
making payment of the Consent Fee at its sole discretion.
This press release does not set forth all of the terms and conditions of
the consent solicitation.
