Empresa Eléctrica Angamos S.A. Announces Expiration and Final Results of its Modified Dutch Auction Tender Offer for its 4.875% Senior Secured Notes due 2029

SANTIAGO, Chile, April 27, 2016 /PRNewswire/ -- Empresa Eléctrica Angamos S.A. (the "Company") today announced the expiration and final results of its previously announced cash tender offer (the "Offer") for up to $300.0 million aggregate principal amount of its 4.875% Senior Secured Notes due 2029 (CUSIP Nos. 29246TAA7; P3713QAA5) (the "Notes"). The Offer expired at 11:59 p.m., New York City time, on April 26, 2016 (the "Expiration Date"). The Offer was made pursuant to the Offer to Purchase, dated March 29, 2016 (the "Offer to Purchase"), as amended by a press release dated April 12, 2016 (the "Press Release"). Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase, as amended by the Press Release.

The Company exercised its Early Settlement Right with respect to all $187,429,000 aggregate principal amount of Notes validly tendered on or prior to 5:00 p.m., New York City time, on April 11, 2016 (the "Early Tender Date") and the Company accepted for purchase and settled such Notes on April 14, 2016 (the "Early Settlement Date"). Pursuant to the terms of the "modified Dutch Auction" as described in the Offer to Purchase, the Clearing Price was set at $940 per $1,000 principal amount of Notes (the "Total Consideration") on the Early Tender Date. As previously announced in the Press Release, the Company amended the terms of the Offer such that the Tender Offer Consideration (payable for Notes validly tendered after the Early Tender Date and accepted for purchase) will be equal to the Total Consideration. In addition to the applicable consideration, Holders will receive accrued and unpaid interest on all Notes tendered and accepted for payment in the Offer from the last interest payment date to, but not including, the applicable Settlement Date. 

In aggregate, a total of $199,028,000 aggregate principal amount of Notes were validly tendered (and not withdrawn) in the Offer on or prior to the Expiration Date, which includes the Notes purchased on the Early Settlement Date. The Company expects to accept and pay for the $11,599,000 aggregate principal amount of Notes validly tendered after the Early Tender Date and on or prior to the Expiration Date on April 29, 2016 (the "Final Settlement Date").

Citigroup Global Markets served as Dealer Manager and Global Bondholder Services Corporation served as the Tender and Information Agent for the Offer.

This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Notes or any other securities. The Offer was made solely pursuant to the terms of the Offer to Purchase, as amended by the Press Release. The Offer was not 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.

Forward-Looking Statements

This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934 that are not based on historical facts and are not assurances of future results. These forward-looking statements are based on management's current expectations and estimates about future events and financial trends, which affect or may affect the Company's businesses and results of operations. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar words are intended to identify estimates and forward-looking statements. These statements include but are not limited to forward-looking statements about the Offer, including whether the Offer is consummated in whole or in part. Although the Company believes that these forward-looking statements are based upon reasonable assumptions, these statements are subject to several risks and uncertainties and are made in light of information currently available to the Company. Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations and the Company's future results may differ materially from those expressed in these estimates and forward-looking statements.

All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this document. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

SOURCE Empresa Electrica Angamos S.A.