Pampa Energia Announces Transfer of Assets by its Subsidiary Empresa Distribuidora y Comercializadora Norte S.A. ("EDENOR")
BUENOS AIRES, Argentina, Oct. 26, 2011 /PRNewswire/ -- Pampa Energia S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), announces that in relation to the relevant event of September 16, 2011, yesterday EDENOR transferred to Rovella Carranza S.A. ("Rovella" or the "Purchaser") shares representing 24.80% of the share capital and voting rights of Empresa Distribuidora Regional S.A. ("EMDERSA") and shares representing 0.01% of the share capital and voting rights of Empresa Distribuidora San Luis S.A. ("EDESAL"), whereas Rovella transferred at the same time the shares of EMDERSA and EDESAL to a guarantee trust set by both parties and the Deutsche Bank S.A.
Once the spinoff process of EMDERSA is finalized and the shares representing 78.44% of the share capital and voting rights of a new investment purpose company which will own 99.99% of the share capital and voting rights of EDESAL are issued, the trustee agent will restore to EDENOR the share capital of EMDERSA that was transferred today.
Moreover, fulfilling the agreed terms, yesterday Rovella paid to EDENOR the amount of US$22,693,703 in concept of price payment, whereas EDESAL also settled yesterday the total financial credit granted by EDENOR to EDESAL for an amount of AR$37,502,500, plus accrued interests.
Finally, in order to guarantee the fulfillment of the obligations undertaken, EDENOR has granted a bank guarantee in favor of Banco Itau Argentina S. A. and Standard Bank Argentina S.A. for a total amount of AR$60 millions in concept of principal plus compensatory interests of up to a 16% annual nominal rate. The bank guarantee will be in force subject to conditions precedent related to the occurrence of any of the following events:
- EMDERSA's spinoff had not been completed by September 16, 2013;
- During the validity of the guarantee trust, EDENOR fails to fulfill certain joint management obligations of EDESAL.
In the case that none of the aforementioned events occur, the bank guarantee will not be executed.
For further information, contact:
Ricardo Torres - Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
Phone: 5411 4809 9500
SOURCE Pampa Energia S.A.
More by this Source
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.