AES Gener S.A. And Empresa Eléctrica Angamos S.A. Announce Early Results Of Tender Offers

SANTIAGO, Chile, July 12, 2018 /PRNewswire/ -- AES Gener S.A. ("AES Gener") and Empresa Eléctrica Angamos S.A. ("Angamos" and, together with AES Gener, the "Companies") today announced the early results of the previously announced cash tender offers (the "Tender Offers") to purchase the outstanding senior notes of the Companies, listed in the table below (collectively, the "Notes"), for a maximum aggregate principal amount of up to U.S. $200,000,000 (such aggregate principal amount, the "Aggregate Maximum Principal Amount"). The terms and conditions of the Tender Offers are described in the Companies' Offer to Purchase, dated June 27, 2018 (the "Offer to Purchase").

According to information received from D.F. King, the Tender and Information Agent for the Tender Offers, as of 5:00 p.m., New York City time, on July 11, 2018 (that date and time, the "Early Tender Time"), the Companies had received valid tenders from holders of the Notes as outlined in the table below.

The deadline for holders to validly withdraw tenders of Notes has passed. Accordingly, Notes that were tendered before the Early Tender Time and any additional Notes that are tendered at or prior to 11:59 p.m., New York City time, on July 25, 2018 (the "Expiration Date") may not be withdrawn, except in the limited circumstances described in the Offer to Purchase.

The Tender Offers are subject to the conditions described in the Offer to Purchase. Subject to the satisfaction or waiver of all conditions to the Tender Offers described in the Companies' Offer to Purchase having been either satisfied or waived by the Companies, the Companies intend to accept for purchase all of the Notes validly tendered (and not validly withdrawn) before the Early Tender Time, subject to the Angamos Tender Cap for the Angamos Notes (as defined in the Offer to Purchase) and the Acceptance Priority Levels (defined below). Consequently, Angamos expects to purchase U.S. $100,000,000 in aggregate principal amount of the Angamos Notes and AES Gener expects to purchase U.S. $100,000,000 in aggregate principal amounts of the 2021 Notes. These Notes will be purchased on July 13, 2018 (the "Early Settlement Date").

Payments for the Notes purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Notes up to the Early Settlement Date. Holders of Notes that were validly tendered (and not validly withdrawn) prior to the Early Tender Time and accepted for purchase pursuant to the Tender Offers will receive the applicable Total Consideration (as set forth in the table above) for such series, which includes the early tender premium of U.S.$30.00 for each series of Notes as set forth in the Offer to Purchase (the "Early Tender Premium").

The Tender Offers were oversubscribed as of the Early Tender Time. Accordingly, the Companies will not accept for purchase any additional Notes tendered after the Early Tender Time. As the Tender Offers were oversubscribed, Notes that have been validly tendered and not validly withdrawn on or before the Early Tender Time will be accepted for purchase in priority to other Notes tendered after the Early Tender Time even if such Notes tendered after the Early Tender Time have a higher acceptance priority level than Notes tendered prior to the Early Tender Time. The acceptance priority levels are specified in the table above and on the cover page of the Offer to Purchase in the column entitled "Acceptance Priority Level" (the "Acceptance Priority Levels"), with 1 being the highest Acceptance Priority Level, 2 being the lower Acceptance Priority Level and 3 being the lowest Acceptance Priority Level.

Full details of the terms and conditions of the Tender Offers are set forth in the Offer to Purchase, which is available from D.F. King.

Itau BBA USA Securities, Inc. ("Itau BBA") and J.P. Morgan Securities LLC ("J.P. Morgan") are the Dealer Managers in the Tender Offers. Persons with questions regarding the Tender Offers should contact Itau BBA at (toll free) (888) 770-4828 or (collect) (212) 710-6749, or J.P. Morgan at (toll free) (866) 846-2874 or (collect) (212) 834-7279. Requests for the Offer to Purchase should be directed to D.F. King at (toll free) (888) 887-0082 or (collect) (212) 269-5550 or by email at [email protected].

None of the Companies, their respective boards of directors or officers, the dealer managers, the depositary, the tender and information agent or the trustees with respect to the Notes, or any of their respective affiliates, makes any recommendation that holders tender or refrain from tendering all or any portion of the principal amount of their Notes, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender their Notes and, if so, the principal amount of Notes to tender.

This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Notes or any other securities. The Tender Offers are being made solely pursuant to the terms of the Offer to Purchase. The Tender Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The Offer to Purchase does not constitute an offer to purchase in Chile or to any resident of Chile, except as permitted by applicable Chilean law.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934 that are not based on historical facts and are not assurances of future results. These forward-looking statements are based on management's current expectations and estimates about future events and financial trends, which affect or may affect the Companies' businesses and results of operations. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar words are intended to identify estimates and forward-looking statements. These statements include but are not limited to forward-looking statements about the Tender Offers, including whether the Tender Offers are consummated in whole or in part. Although the Companies believe that these forward-looking statements are based upon reasonable assumptions, these statements are subject to several risks and uncertainties and are made in light of information currently available to the Companies. Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations and the Companies' future results may differ materially from those expressed in these estimates and forward-looking statements.

All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this press release. The Companies undertake no obligation to publicly update or revise any forward- looking statements, whether as a result of new information or future events or for any other reason.

SOURCE AES Gener S.A.