CLISA's Recent Consent Solicitation Outcome
CLISA – Compañía Latinoamericana de Infraestructura & Servicios S.A. ("Clisa") has recently completed a significant consent solicitation regarding its Step-Up Senior Secured Notes due in 2027. This was a pivotal step intended to enhance the company’s structural and financial position.
Overview of the Consent Solicitation
The announcement outlined the results concerning the solicitation of consents from Noteholders, aiming for several key amendments. These amendments included reducing the principal amount of the outstanding notes to U.S. $270 million and extending the maturity dates significantly. The restructuring seeks to realign financial obligations and improve cash flow management for Clisa.
Details of the Proposed Amendments
The consent solicitation addressed critical modifications to the terms governing the notes. This involved adding new collateral, restructuring interest payments, and enhancing covenants. This restructuring allows Clisa to navigate its financial obligations more adeptly, ensuring long-term sustainability and operational efficiency.
Consent Solicitation Results
As of the expiration date of the consent solicitation, Clisa achieved remarkable engagement, with Noteholders representing approximately 94% of the outstanding notes successfully delivering their consents. This level of acceptance duly satisfied the requisite threshold necessary for effecting the proposed amendments.
Key Takeaways from the Solicitation
Each eligible Noteholder who consented by the deadline is eligible to receive a significant consent consideration totaling U.S. $25 million, apportioned among consenting parties equally. This incentive underscores Clisa's commitment to ensuring stakeholder engagement throughout this process.
Agent and Contact Information
For this solicitation, BCP Securities, Inc. and Santander US Capital Markets LLC acted as the solicitation agents, facilitating communication with stakeholders outside Argentina. In Argentina, Banco CMF S.A. served a similar role. Interested Noteholders are encouraged to reach out to these agents for any inquiries.
Further Assistance
Should stakeholders have further queries, they can contact Sodali & Co, which was appointed as the Information and Tabulation Agent. This move aims to streamline communication and ensure clarity regarding the consent solicitation process.
About Clisa
Clisa is recognized as a preeminent infrastructure manager in Argentina, boasting over a century of specialized knowledge. Its operations are segmented into construction, waste management, transportation, and water supply services, thus covering vital public and private sector demands. The company maintains a robust portfolio that illustrates its capability and expertise across these domains.
Commitment to Transparency
Clisa maintains a strong commitment to transparency and proactive communication with its stakeholders. Through engaging openly in the consent solicitation process, Clisa aims to build trust and demonstrate its dedication to sound financial governance.
Frequently Asked Questions
What is the purpose of the Consent Solicitation?
The Consent Solicitation aims to secure approval from Noteholders for amendments to the outstanding Step-Up Senior Secured Notes, allowing Clisa to restructure its financial obligations effectively.
How much was the consent consideration offered?
The total consent consideration offered was U.S. $25 million, to be distributed among eligible Noteholders who validly delivered their consents.
What amendments were proposed to the Notes?
The proposed amendments included reducing the total principal amount, extending maturity dates, modifying interest rates, and adding new collateral.
What percentage of Noteholders consented?
Approximately 94% of the outstanding aggregate principal amount of the Notes had delivered valid consents by the expiration date.
Who should interested parties contact for questions?
Parties seeking information can contact BCP Securities, Inc. or Santander US Capital Markets LLC for external inquiries, and Banco CMF S.A. for Argentina-based questions.
