Dynegy Announces Cash Tender Offer and Consent Solicitation by Its Subsidiary for the 9% Secured Bonds Due 2013
Dynegy Inc. (NYSE: DYN) announced today that its wholly-owned indirect subsidiary, Sithe/Independence Funding Corporation, has commenced a cash tender offer to purchase any and all of Sithe's outstanding $191,687,012.47 in aggregate principal amount of 9% Secured Bonds due 2013.
In connection with the tender offer, Sithe is also soliciting consents from the registered holders of the Notes to certain proposed amendments to the indenture governing the Notes, including the (i) elimination of certain of the restrictive covenants, certain events of default applicable to the Notes and certain other provisions contained in the Indenture and (ii) amendment of the satisfaction and discharge provisions of the Indenture. The tender offer and consent solicitation are described in detail in an Offer to Purchase and Consent Solicitation Statement dated today.
The tender offer is scheduled to expire at 11:59 p.m., New York City time, on September 23, 2011, unless extended or earlier terminated by Sithe.
