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Empresa Nacional del Petróleo - Tender & Cosent Offer - Early Results

Announces the Early Tender Results of its Tender Offer and Consent Solicitation for any and all of its 4.375% Notes Due 2024


09 MAY 2023


Full announcement including disclaimers and offer restrictions available via luxse


"SANTIAGO, CHILE — Empresa Nacional del Petróleo (“ENAP”, the “Company” or “we”) announced today that $452,502,000 aggregate principal amount, or approximately 75.42% (the “Tendered Notes”), of its outstanding 4.375% Notes Due 2024 (the “Notes”) were validly tendered and not validly withdrawn by 5:00 p.m., New York City time, on May 9, 2023 (the “Early Tender Date”) in accordance with the Company’s Offer to Purchase and Consent Solicitation Statement dated April 26, 2023 (the “Statement”), pursuant to which the tender offer and consent solicitation are being made. Capitalized terms used herein and not defined herein have the meaning given to them in the Statement.


The Company also received consents sufficient to effect all of the proposed amendments (the “Proposed Amendments”) to the indenture governing the Notes as set forth in the Statement. The Proposed Amendments include, among others, eliminating substantially all of the restrictive covenants and certain events of default, as well as shortening the minimum notice period required for optional redemptions of the Notes to three calendar days on the terms and subject to the conditions set forth in the Statement.


The Company has accepted for purchase all Notes validly tendered and not validly withdrawn prior to the Early Tender Date. Holders who validly tendered and did not validly withdraw their Notes prior to the Early Tender Date will receive a Total Consideration of $1,000 per $1,000 principal amount of Notes tendered and accepted for purchase by the Company, which includes an early tender consideration of $50 per $1,000 principal amount of Notes, on or about May 11, 2023 (the “Early Settlement Date”). On the Early Settlement Date, the Company will also pay accrued and unpaid interest on the Notes accepted for purchase from the last applicable interest payment date for the Notes up to, but excluding, the Early Settlement Date and plans to execute a supplemental indenture effecting the Proposed Amendments to the indenture governing the Notes.


The Company’s obligation to pay for the Tendered Notes is subject to the satisfaction or waiver of certain conditions, which are further described in the Statement, including the consummation of the Company’s concurrent offering of notes."

 

Empresa Nacional del Petróleo Announces the Commencement of a Tender Offer and Consent Solicitation for any and all of its 4.375% Notes Due 2024


26 APRIL 2023


Full announcement including disclaimers and offer restrictions available via luxse


"SANTIAGO, CHILE — Empresa Nacional del Petróleo (“ENAP”, the “Company” or “we”) announced today that it has commenced a cash tender offer (the “Offer”), on the terms and subject to the conditions set forth in the Company’s Offer to Purchase and Consent Solicitation Statement dated April 26, 2023 (the “Statement”), for any and all of its outstanding 4.375% Notes due 2024 (the “Notes”). Capitalized terms used herein and not defined herein have the meaning given to them in the Statement.

The Company is also soliciting consents (the “Solicitation”) to certain proposed amendments to the indenture governing the Notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default, as well as to shorten the minimum notice period required for optional redemptions of the Notes to three calendar days on the terms and subject to the conditions set forth in the Statement.

The Statement more fully sets forth the terms of the Offer and Solicitation.


The Notes and other information relating to the Offer and Solicitation are listed in the table below:"



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