Breaking News

Tweet TWEET

ELWOOD ENERGY LLC: Extension of Consent Solicitation, Increase in Consent Payment and Modification of Proposed Amendments to

  ELWOOD ENERGY LLC: Extension of Consent Solicitation, Increase in Consent
      Payment and Modification of Proposed Amendments to Bond Indenture

PR Newswire

RICHMOND, Va., Feb. 1, 2013

RICHMOND,Va., Feb. 1, 2013 /PRNewswire/ -- Elwood Energy LLC, a jointly and
equally owned partnership of Dominion Resources, Inc. and J-POWER USA
Generation, L.P., announced today that it has extended until 5:00 p.m., New
York City time, on February 7, 2013 (the "New Expiration Time"), unless
extended or earlier terminated in Elwood Energy LLC's sole discretion, its
solicitation of consents (the "Consent Solicitation") from holders of its
8.159% Senior Secured Bonds due 2026 (CUSIP No. 290408AB9) to amend the
Indenture for the Bonds. Elwood Energy LLC further announced that it has
increased the consent payment for consenting holders who validly deliver and
do not revoke their consents prior to the New Expiration Time from $2.50 in
cash for each $1,000 in unpaid principal amount of the respective Bonds (or
$1.092575 per Bond) to $10.00 for each $1,000 in unpaid principal amount of
the respective Bonds (or $4.3703 per Bond).

Elwood Energy LLC also announced that it has modified the Consent Solicitation
to seek consents to only one of the proposed amendments to the Indenture
described in the Consent Solicitation Statement dated January 18, 2013. The
Consent Solicitation originally sought consents to (1) modify the definition
of a "Change of Control" under the Indenture to reflect the current ownership
structure of Elwood Energy LLC, as well as to provide limited additional
flexibility for the Company's owners (the "Change of Control Amendment") and
(2) replace the current general provision in the Indenture involving the
exercise of the "Put Right" associated with a Change of Control with more
specific terms (the "Put Right Amendment"). The Company is no longer seeking
consent to the Put Right Amendment. References to "Proposed Amendments" in the
Consent Solicitation Statement and the related Consent Letter for the Consent
Solicitation will now be deemed to refer only to the Change of Control
Amendment. Holders of Bonds that validly deliver, and do not revoke, a consent
before the New Expiration Time will now be consenting only to the Change of
Control Amendment.

Holders of the Bonds are referred to the Consent Solicitation Statement, dated
January 18, 2013, and the related Consent Letter for the detailed terms and
conditions of the Consent Solicitation, all of which remain unchanged except
as set forth in this release. A more detailed description of the Change of
Control Amendment, including the effect of the Change of Control Amendment,
can be found in the Consent Solicitation Statement, including under "The
Proposed Amendments" beginning on page 4. Discussion of the Change of Control
Amendment in the Consent Solicitation Statement is sometimes referred to as
the "first Proposed Amendment," including on the cover page and pages 1, 4, 6,
7 and 8.

Holders of Bonds who have previously delivered consents do not need to
redeliver such consents or take any other action in response to this
announcement in order to consent only to the Change of Control Amendment or
receive the increased consent payment upon the successful conclusion of the
Consent Solicitation.

Elwood Energy LLC has engaged Citigroup Global Markets Inc. and Morgan Stanley
& Co. LLC to act as solicitation agents for the Consent Solicitation. D.F.
King & Co., Inc. has been engaged to act as the Information and Tabulation
Agent for the Consent Solicitation. Questions or requests for assistance or
additional copies of the Consent Solicitation Statement, the Consent Letter
and related documents may be directed to D.F. King & Co., Inc. at +1 (800)
829-6551 (toll-free) or +1 (212) 269-5550 (for Banks and Brokers). A holder
of Bonds may also contact the Solicitation Agents at +1 (212) 723-6106
(collect), in the case of Citigroup Global Markets Inc., and +1 (212) 761-1057
(collect), in the case of Morgan Stanley & Co. LLC, or such holder's broker,
dealer, commercial bank, trust company or other nominee for assistance
concerning the Consent Solicitation.

This press release is for informational purposes only and is not a
solicitation of consents. The Consent Solicitation is only being made
pursuant to the Consent Solicitation Statement dated January 18, 2013 and the
related Consent Letter, as modified hereby. The Consent Solicitation is
subject to certain conditions and presents certain risks for the holders, as
set forth more fully in the Consent Solicitation Statement. Elwood Energy LLC
retains the rights to waive or modify any term of, or to terminate, the
Consent Solicitation for any reason prior to the New Expiration Time.

SOURCE Dominion

Website: http://www.dom.com
Contact: Ryan Frazier, +1-804-819-2521, C. Ryan.Frazier@dom.com
 
Press spacebar to pause and continue. Press esc to stop.