EPM Announces Expiration Of Tender Offer

Instant Max AI

(EPM, 11.Jul.2019) — Empresas Públicas de Medellín E.S.P. (EPM) announced expiration and results of its previously announced offer to purchase for cash any and all of its outstanding 8.375% Notes due 2021 (CUSIP No.: 29246B AB4 (144A) / P9379R AB3 (Reg S) / ISIN No.: US29246BAB45 (144A) / USP9379RAB35 (Reg S)) (the “Notes”), from beneficial owners thereof (each, a “Holder” and collectively, the “Holders”), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated July 2, 2019. Capitalized terms not defined herein shall have the meaning ascribed to them in the Offer to Purchase.

EPM hereby announces that as of July 11, 2019, at 8:00 a.m., New York City time (the “Expiration Date”), a total of Ps.1,119,178 million aggregate principal amount of Notes had been validly tendered and not validly withdrawn in the Offer, representing 89.53% of the aggregate principal amount of the Notes outstanding.

EPM will accept for purchase on July 18, 2019 (the “Settlement Date”), all Notes validly tendered (and not validly withdrawn or rejected) subject to the terms and conditions described in the Offer to Purchase. Holders whose tenders have been accepted will receive Ps.1,040 for each Ps.1,000 principal amount of Notes validly tendered (and not validly withdrawn or rejected) (the “Consideration”). The Consideration will be payable in U.S. dollars and converted at Ps.3,212.91 per U.S.$1.00, the representative market rate for the purchase of U.S. dollars with Colombian pesos as calculated and published by the Superintendence of Finance of Colombia (Superintendencia Financiera de Colombia) at the end of July 10, 2019, the Business Day prior to the Expiration Date. In addition, Holders who validly tendered and did not validly withdraw their Notes in the Offer will also be paid accrued and unpaid interest from, and including, the last interest payment date up to, but not including, the Settlement Date (“Accrued Interest”).

Following consummation of the Offer, Ps.130,822 million aggregate principal amount of the Notes are expected to remain outstanding.

Global Bondholder Services Corporation is acting as the tender agent and as the information agent for the Offer. HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. are acting as Dealer Managers for the Offer (the “Dealer Managers”).

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