Welcome!

News Feed Item

ELWOOD ENERGY LLC: Solicitation of Consents Relating to the 8.159% Senior Secured Bonds due 2026 (CUSIP No. 290408AB9)

RICHMOND, Va., Jan. 18, 2013 /PRNewswire/ -- Elwood Energy LLC, a jointly and equally owned partnership of Dominion Resources, Inc. and J-POWER USA Generation, L.P., announced today that it has commenced a solicitation of consents related to its 8.159% Senior Secured Bonds due 2026 (CUSIP No. 290408AB9).  Due to amortization, the unpaid principal amount outstanding of the Bonds is $175,686,060 or $437.03 per Bond (reduced from the original principal amount at issuance of $402,000,000 or $1,000 per Bond). Elwood Energy LLC, as issuer of the Bonds, wishes to amend the October 23, 2001 Trust Indenture (as supplemented and amended by the First Supplemental Indenture, dated October 23, 2001 and Second Supplemental Indenture, dated as of March 1, 2002) to amend the definition of "Change of Control" and include more specific provisions related to the process to be followed should a "Change of Control" occur.

The Consent Solicitation seeks to modify the definition of a "Change of Control" to reflect the current ownership structure of Elwood Energy LLC, as well as to provide limited additional flexibility for the Company's owners under the Indenture's "Change of Control" provision.  In addition, the Company is seeking to replace the current general provision involving the exercise of the "Put Right" associated with a Change of Control with more specific terms, including: imposing upon the Company a requirement to provide notice to holders upon a Change of Control event;  removing any ambiguity concerning the period in which the Put Right can be exercised; and providing procedures related to the actual notice of exercise and payment of the amounts due upon exercise of the Put Right.

Holders of the Bonds are referred to the Consent Solicitation Statement, dated January 18, 2013, and the related Letter of Consent for the detailed terms and conditions of the Consent Solicitation.  The record date for determining the holders entitled to consent is January 17, 2013.  The Consent Solicitation will expire at 5:00 p.m., New York City time, on January 31, 2013 (the "Expiration Time"), unless extended in Elwood Energy LLC's sole discretion.

Subject to certain conditions, Elwood Energy LLC offers a consent payment equal to $2.50 in cash for each $1,000 in unpaid principal amount of the respective Bonds (or $1.092575 per Bond) to holders for which consents are validly delivered and not properly revoked prior to the Expiration Time.

Elwood Energy LLC has engaged Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC to act as solicitation agents for the Consent Solicitation.  D. F. King & Co., Inc. has been engaged to act as the Information and Tabulation Agent for the Consent Solicitation.  Questions or requests for assistance or additional copies of the Consent Solicitation Statement, the Letter of Consent and related documents may be directed to D. F. King & Co., Inc. at +1 (800) 829-6551 (toll-free) or +1 (212) 269-5550 (for Banks and Brokers).  A holder of Bonds may also contact the Solicitation Agents at +1 (212) 723-6106 (collect), in the case of Citigroup Global Markets Inc., and +1 (212) 761-1057 (collect), in the case of Morgan Stanley & Co. LLC,  or such holder's broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Consent Solicitation.

This press release is for informational purposes only and is not a solicitation of consents.  The Consent Solicitation is only being made pursuant to the Consent Solicitation Statement dated January 18, 2013 and the related Letter of Consent.  The Consent Solicitation is subject to certain conditions and presents certain risks for the holders, as set forth more fully in the Consent Solicitation Statement.  Elwood Energy LLC retains the rights to waive or modify any term of, or to terminate, the Consent Solicitation for any reason prior to the Expiration Time.

SOURCE Dominion

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.