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
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...