FirstLight Hydro Generating Company announces consent solicitation relating to its $320 million 8.812% Series B Senior Secured Bonds due 2026

HOUSTON, Dec. 12, 2013 /PRNewswire/ -- FirstLight Hydro Generating Company (the "Issuer") announces the solicitation (the "Consent Solicitation") of consents from holders (the "Consents") to certain proposed amendments (the "Proposed Amendments") to and certain proposed waivers (the "Proposed Waiver") under the indenture governing the Notes, dated as of October 18, 2001, as supplemented (the "Indenture"). The Issuer has conditioned the acceptance of delivered Consent, among other things, upon the receipt of Consents from holders representing at least a majority in aggregate principal amount of the outstanding Notes (the "Requisite Consents").

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The Consent Solicitation will expire at 5:00 p.m., New York time, on December 20, 2013, unless extended or earlier terminated by the Issuer (the "Consent Date").  Revocation rights will expire promptly after receipt of the Requisite Consents and as further described in the Consent Solicitation Statement dated as of the day hereof (the "Statement").

Holders who deliver their Consent on, or prior to, the Consent Date will be eligible to receive the Consent Consideration on the settlement date, which is currently expected to be December 23, 2013.

Title of Security


ISIN/CUSIP


 

Amortized Principal
Amount Outstanding


Original Principal
Amount Outstanding



Consent
Consideration(1)


$320,000,000

8.812% Series B Senior Secured Bonds

due 2026

 


US66416TAF21/
66416TAF2


$271,250,000


$320,000,000


$2.00



 (1) For each $1,000 amortized principal amount of Notes, excluding accrued and unpaid interest, which will be paid.

 

Any extension, delay, termination or amendment of the Consent Solicitation will be followed as promptly as practicable by a public announcement thereof.

Pursuant to the Consent Solicitation, the Issuer is soliciting from holders Consents to the Proposed Amendments to amend Sections 5.2(c) and 5.2(d) of the Indenture. Adoption of the Proposed Amendments requires the Requisite Consents of holders.  If the Issuer obtains the Requisite Consents to the Proposed Amendments then, under the terms of the Indenture, the Trustee will be authorized and directed by those holders to give effect to the Proposed Amendments by entering into a supplemental indenture.

In addition, the Issuer is soliciting from holders consents to the Proposed Waiver to waive the Issuer's breach of certain obligations under the Indenture and any Default or Event of Default (each as defined under the Indenture) that has resulted or will result therefrom.

The complete terms and conditions of the Consent Solicitation are described in the Statement.  Copies of the Statement are available from the Tabulation Agent, which can be contacted at the address and telephone number set out below.  Holders may contact their broker, dealer, commercial bank or trust company or other nominee for assistance concerning the Consent Solicitation.

TABULATION AGENT
FOR THE CONSENT SOLICITATION:

Global Bondholder Services Corporation

65 Broadway – Suite 404
New York, New York 10006
United States

Attention: Corporate Actions
Telephone: +1 212 430-3774
(toll free from the United States 866-470-4300)
Fax: +1 212 430 3775/3779

None of the Issuer, the Trustee or the Tabulation Agent makes any recommendation as to whether you should deliver your Consent. 

SOURCE FirstLight Hydro Generating Company




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