NEW YORK, May 24, 2016 /PRNewswire/ -- Puget Sound Energy, Inc. ("PSE") announced today that as of 5:00 p.m., New York City time, on May 23, 2016 (the "Consent Date"), PSE has received consents from the holders of a majority in principal amount of PSE's 6.274% Senior Notes due March 15, 2037 (the "Covered Notes") to terminate the Replacement Capital Covenant dated June 4, 2007 and the Company's obligations thereunder (the "Replacement Capital Covenant") that was granted by PSE in favor of the holders of the Covered Notes.
Under the terms of the Consent Solicitation as set forth in the Solicitation Documents, consummation of the Consent Solicitation, including payment of the relevant consent payment, is conditioned upon a number of items described in more detail in the Solicitation Documents, including, but not limited to, the receipt of consents from holders of a majority of the aggregate principal amount outstanding of PSE's 6.974% Series A Enhanced Junior Subordinated Notes due June 1, 2067 (the "Junior Subordinated Note Consents"). To the extent any of those conditions were not satisfied or waived as of the expiration date set forth in the Solicitation Documents, the Consent Solicitation would either expire by its terms or be terminated by the Company and the holders of the Covered Notes who validly delivered their consents would not be entitled to receive the relevant consent payment.
As of 5:00 p.m. on May 23, 2016, the condition requiring receipt of the Junior Subordinated Consents had not been satisfied.
Therefore, PSE is extending the expiration time for the Consent Solicitation to 5:00 p.m., New York City time on June 7, 2016 (such time and date, as the same may be extended or earlier terminated, the "Expiration Time") solely for the purpose of providing additional time for the other conditions of the Consent Solicitation to be satisfied, including obtaining the requisite Junior Subordinated Note Consents.
All references to the "Expiration Time" in the Solicitation Documents shall be deemed to refer to June 7, 2016 (as the same may be extended or earlier terminated) and all other terms of the Consent Solicitation as set forth in the Solicitation Documents, including but not limited to the Consent Date, shall remain in full force and effect as stated therein.
THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE A SOLICITATION OF CONSENTS.
THE CONSENT SOLICITATION IS BEING MADE ONLY PURSUANT TO THE SOLICITATION DOCUMENTS. HOLDERS OF THE COVERED NOTES SHOULD READ CAREFULLY THE SOLICITATION DOCUMENTS PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE CONSENT SOLICITATION, BECAUSE THOSE DOCUMENTS CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE CONSENT SOLICITATION.
Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. There are several factors that could affect what PSE intends or anticipates happening. More information about these factors is included in Puget Energy's and PSE's most recent annual report on Form 10-K and in their other public filings filed with the Securities and Exchange Commission. Except as required by law, Puget Energy and PSE undertake no obligation to update any forward-looking statements.
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SOURCE Puget Sound Energy, Inc.