Crockett Cogeneration Announces Execution of Supplemental Indenture in Connection with Previously Announced Cash Tender Offer and Consent Solicitation

BETHESDA, Md., Feb. 13, 2023 /PRNewswire/ -- Crockett Cogeneration, a California Limited Partnership ("Crockett" or the "Company") announced today that holders of $289,499,000 original principal amount of its 5.869% Senior Secured Notes due 2025 (the "Notes"), or 98.14% of the original principal amount, tendered their Notes and delivered consents before 5:00 p.m., New York City time on February 10, 2023, in the previously announced cash tender offer and consent solicitation (the "Tender Offer") pursuant to that Amended and Restated Offer to Purchase and Consent Solicitation Statement, dated January 27, 2023 (the "Offer to Purchase").

Based on the requisite consents received as required under the original indenture governing the Notes (the "Indenture"), Crockett and the trustee under the Indenture have entered into a supplemental indenture (the "Supplemental Indenture") to eliminate substantially all of the restrictive covenants, to eliminate certain events of default, and to release all the collateral securing the obligations under the Notes.  The Supplemental Indenture became effective upon execution by the Company and the trustee (the "Effective Time"), but the amendments to the Indenture reflected in the Supplemental Indenture will become operative, and will be binding upon the holders of the Notes not purchased in the Tender Offer, only upon the Company's acceptance for purchase of the Notes tendered before 11:59 p.m., New York City time, on February 14, 2023 pursuant to the Offer to Purchase.  Upon the occurrence of the Effective Time, any Notes tendered and any consents delivered prior to the Effective Time cannot be withdrawn or revoked.      

The complete terms and conditions of the Tender Offer are described in the Offer to Purchase, copies of which may be obtained by contacting Global Bondholder Services Corporation, as tender and information agent, at (855) 654-2014 (toll-free), (212) 430-3774 (collect) or at [email protected].  Questions concerning the terms of the Tender Offer should be directed to the Company at (410) 685-7950 (Chief Financial Officer) or at [email protected].

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security.  No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

None of the Company, its general partner, the tender and information agent, the trustee under the Indenture, the Depository Trust Company or any of their respective affiliates, makes any recommendation as to whether any holder should tender or deliver, or refrain from tendering or delivering, any or all of such holder's Notes or consenting to any of the proposed amendments, and none of the Company or any of its affiliates has authorized any person to make any such recommendation.  The Tender Offer is made only by the Offer to Purchase.  The Tender Offer is 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.

About Crockett 
Crockett owns and operates a 240-megawatt natural gas-fired combustion gas turbine electrical power generating plant located in Crockett, California.  The Company was formed as a California limited partnership in 1986 and is an indirect, wholly owned subsidiary of an affiliate of certain funds managed by Hull Street Energy, LLC, a private equity firm that specializes in deploying capital into the power sector as it decarbonizes.    

Forward-Looking Statements
This press release includes forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements are based on certain assumptions made by the Company regarding the timing and execution of the Tender Offer and are subject to known and unknown risks, uncertainties and assumptions that may cause actual timing and execution of the Tender Offer to be materially different from current expectations. Forward-looking statements set forth in this release speak only as of the date hereof, and the Company does not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.  Please carefully review and consider the various disclosures made in this document.

SOURCE Hull Street Energy