Southern California Public Power Authority Announces Amendment And Extension Of Consent Solicitation

GLENDORA, Calif., Aug. 26, 2013 /PRNewswire/ -- 

Relating to:
Southern California Public Power Authority
Gas Project Revenue Bonds (Project No. 1),
Series 2007A (Fixed Rate) and Series 2007B (LIBOR Index Rate)

CUSIP Nos.: 842471AF1, 842471AG9, 842471AH7, 842471AJ3, 842471AK0, 842471AL8, 842471AM6, 842471AN4, 842471AP9, 842471AQ7, 842471AR5, 842471AS3, 842471AT1, 842471AU8, 842471AV6, 842471AW4, 842471AX2, 842471AY0, 842471AZ7

Southern California Public Power Authority ("SCPPA") announced today that it is amending the terms of its previously announced consent solicitation with respect to its Gas Project Revenue Bonds (Project No. 1), Series 2007A and Series 2007B (the "Bonds"). 

The Consent Solicitation was to expire at 5:00 p.m. on Friday, August 23, 2013.  Although the Holders of a majority in principal amount of the Bonds that actually voted by that time did grant consent, SCPPA did not receive consents from the holders of a majority of all Bonds outstanding.  Accordingly, SCPPA will amend the consent solicitation to (a) extend the expiration time for the consent solicitation to 5:00 p.m., New York City time, on September 13, 2013, in order to afford the many holders of the Bonds an additional opportunity to participate in the consent solicitation and (b) offer to pay a cash fee to consenting holders described below.  The record date (5:00 p.m., New York City time, on July 26, 2013) will remain unchanged.

The consent fee will be payable to holders of Bonds (except Series 2007A Bonds due November 1, 2013) who delivered or deliver consents prior to the extended expiration time, if requisite consents are received by then, the conditions to the consent solicitation are satisfied, and the amendments authorized by the consents are executed and delivered.  The consent fee will be equal to the amount per $1,000 principal amount of Bonds stated below: 

Holders who previously submitted "no" votes and subsequently submit consents prior to the extended expiration time will be eligible for a consent fee.  Holders who previously submitted consents in respect of Bonds (other than Series 2007A Bonds due November 1, 2013) may receive a consent fee if they submit payment instructions and tax identification information as described in an amended consent form.  Payment of the consent fees will be a non-recourse obligation of SCPPA payable solely from and to the extent of amounts paid by J. Aron & Company pursuant to an agreement with SCPPA.  No consent fee will be payable if SCPPA terminates the consent solicitation.

The amendments to the terms of the consent solicitation will be set forth in Supplement No.1 to the Consent Solicitation Statement, to be dated August 26, 2013, and an accompanying amended Consent Form.  Holders of the Bonds should read the Consent Solicitation Statement as supplemented and the amended Consent Form for a full description of the consent solicitation and related considerations.

SCPPA has retained Wells Fargo Securities, LLC to act as Solicitation Agent in connection with the consent solicitation.  Questions regarding the consent solicitation may be directed to Wells Fargo Securities, LLC at (866) 309-6316 (toll-free) or (704) 410-4760 (collect).  Copies of the consent solicitation documents as well as assistance with delivery of consents may be directed to D.F. King & Co., Inc., the Information Agent and Tabulation Agent for the consent solicitation, at (800) 431-9645 (toll-free) or (212) 269-5550 (collect) or by email at [email protected].  

This announcement is for informational purposes only and is not a solicitation of consents with respect to any securities.  This announcement does not constitute an offer to buy or a solicitation of an offer to sell any Bonds.  The consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement, as supplemented, and accompanying amended Consent Form, and is not being made in any jurisdiction in which it is unlawful to solicit of grant consents.

SCPPA is a joint powers agency established pursuant to Title 1, Division 7, Chapter 5 of the Government Code, as amended, of the State of California. SCPPA issued the Bonds in 2007 to finance the purchase of a long-term gas supply for five of its members—the Cities of Anaheim, Burbank, Colton, Glendale, and Pasadena, California.

SOURCE Southern California Public Power Authority