EDENOR S.A. - Consent Solicitation - Results

Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR) Announces Results of its Consent Solicitation

25 APRIL 2023

Full announcement including disclaimers and offer restrictions available via SEC

"Buenos Aires, April 25, 2023 – Empresa Distribuidora y Comercializadora Norte S.A. (the “Issuer”) announced today that it has successfully consummated its previously announced solicitation of consents (the “Consent Solicitation”) relating to its 9.75% Senior Notes due 2025 (the “Notes”) thanks to the support of the required majority of holders, made upon the terms and conditions described in the Issuer’s Consent Solicitation Statement, dated April 10, 2023 (the “Statement”).

Morrow Sodali International LLC served as the information, tabulation agent and proxy agent (the “Information, Tabulation and Proxy Agent”) in the Consent Solicitation. In such capacity, the Information, Tabulation and Proxy Agent has attended the Holders’ Meeting that took place on April 25, 2023, and consented to and approved the Proposed Waiver on behalf of the Holders of the Notes who participated in the Consent Solicitation.

Accordingly, the Proposed Waiver will become effective and operative immediately upon execution thereof as to all Holders at the Consent Effective Time, allowing the Issuer to grant the CAMMESA Pledge once the noteholders of the 2024 local notes provide their consent as per the 2022 Agreement and the other conditions precedent set forth in that agreement are satisfied."

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Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR S.A.) Announces Consent Solicitation in respect of its 9.75% Senior Notes due 2025 (CUSIP Nos. 29244AAL6/P3710FAM6; ISIN Nos. US29244AAL61/USP3710FAM60)

10 APRIL 2023

Full announcement including disclaimers and offer restrictions available via prnewswire

"Buenos Aires, April 10, 2023 – Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR S.A.) (the “Issuer”) announced today that it is soliciting consents (the “Consent Solicitation”) from all registered holders (individually, a “Holder,” and collectively, the “Holders”) of its 9.75% Senior Notes due 2025 (the “Notes”), upon the terms and conditions described in the Issuer’s Consent Solicitation Statement dated April 10, 2023 (the “Statement”), to certain proposed waiver (the “Proposed Waiver”) under the Indenture dated as of May 12, 2022, among the Issuer and The Bank of New York Mellon, as trustee, and Banco de Valores S.A., as representative of the Trustee in Argentina (as amended by the First Supplemental Indenture dated October 24, 2022, the “Indenture”), pursuant to which the Notes were issued. Unless otherwise defined herein, capitalized terms used herein have the meanings given to them in the Statement.

On December 29, 2022, the Issuer reached an agreement with the Argentine Government to restructure its commercial debt with CAMMESA as of August 2022 (the “2022 Agreement”). The 2022 Agreement effectively reduces debt owed to CAMMESA by around Ps. 20 billion (around US$100 million), from US$288 million to US$188 million, with the balance to be repaid over 8 years at a discounted interest rate (50% of the WEM rate). The Issuer believes that the 2022 Agreement lowers a risk in terms of a large outstanding supplier payable and provides additional predictability moving forward, and is seeking Consents to obtain the Proposed Waiver because the 2022 Agreement requires a pledge of accounts receivable of the Issuer in order to secure at any time the payment of up to three (3) installments of the payment plan agreed under the 2022 Agreement. As of the date of the Statement, the amount equivalent to three (3) of the ninety-six (96) progressively increasing installments amounts to approximately US$3.2 million (representing around 2% of the debt owed to CAMMESA and less than 0.2% of the Issuer’s total assets) (the “CAMMESA Pledge”)."