IncludesoffersforsecuritiesissuedbyCometa Energía,S.A. de C.V. and by Tierra Mojada Luxembourg II S.à r.l.
Cometa Energía,S.A. de C.V., a variable capital corporation (sociedad anónima de capital variable) organized and existing under the laws of the United Mexican States (“Cometa”) and Tierra Mojada Luxembourg II S.à r.l. (f/k/a FEL Energy VI S.à r.l.), a private limited liability company (société à responsabilité limitée) organized and existing under the laws of the Grand Duchy of Luxembourg (“Tierra Mojada” and, together with Cometa, the “Offerors” and each of Cometa and Tierra Mojada individually, an “Offeror”), announced today the early results as of 5:00 p.m., New York City time, on January 31, 2025 (the “Early Tender Date”), of their previously announced tender offers to purchase (each, a “Tender Offer” and collectively, the “Tender Offers”) for cash, subject to certain terms and conditions, up to a total of $100,000,000 aggregate original principal amount of the 6.375% Senior Secured Notes due 2035 (CUSIP No. 144A – 20039F AA7; Reg S – P29853 AA9) issued by Cometa (the “Cometa Notes”) and up to a total of $115,000,000 aggregate original principal amount of the 5.750% Senior Secured Notes due 2040 (144A – 30260L AA3; Reg S – L3500L AA7) issued by Tierra Mojada (the “Tierra Mojada Notes” and, together with the Cometa Notes, the “Securities”), in each case subject to the applicable Series Maximum Tender Amount (as defined below) and proration.Cometa is the Offeror for the Cometa Notes and Tierra Mojada is the Offeror for the Tierra Mojada Notes. Each Offeror is an indirect subsidiary of Saavi Energia S.à r.l. (“Saavi Energia”).
On January 17, 2025, the Offerors commenced the Tender Offers to purchase the Securities in accordance with the terms and conditions in the Offer to Purchase dated January 17, 2025 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a more detailed description of the Tender Offers.
The obligation of each Offeror to accept for purchase and to pay either the applicable Total Consideration or Tender Offer Consideration and the accrued and unpaid interest on the SecuritiespursuanttotheTenderOffersisnotsubjecttoanyminimum tenderconditionbut is conditioned on the consummation of an offering of new senior unsecured notes by Saavi Energia, in each case providing sufficient funds to meet both Offerors' obligations under the Offer to Purchase and certain general conditions. For more information, see “Conditions to the Tender Offers” in the Offer to Purchase.
The following table presents the aggregate principal amount of Securities of each series validly tendered and not validly withdrawn as of the Early Tender Date, as reported by Global Bondholder Services Corporation, the Information Agent and the Tender Agent for the Tender Offers:
No amount of Securities of each series validly tendered and not validly withdrawn as of the Early Tender Date has been accepted for purchase by either Offeror. As described in the Offer to Purchase, each Offeror reserves the right, but is under no obligation, at any point following the Early Tender Date and before the Expiration Date, to accept for purchase any Securities validly tendered at or prior to the Early Tender Date (the “Early Settlement Date”) and each Offeror reserves the right to increase or decrease either Series Maximum Tender Amount, at any time, including on or after the Early Tender Date, without extending the Withdrawal Deadline, subject to compliance with applicable law.
Holders that tendered Securities at or prior to the Early Tender Date and whose Securities are accepted for payment, if at all, are subject to the satisfaction or waiver of all conditions to the Tender Offers and to the applicable Series Maximum Tender Amount and proration procedures described in the Offer to Purchase. Such Holders will be entitled to receive the Total Consideration, which includes the Early Tender Premium, plus accrued and unpaid interest up to, but not including, the Early Settlement Date, as set forth in the table above. Validly tendered Securities may no longer be validly withdrawn and all Securities which are not accepted for purchase pursuant to the Tender Offers will be promptly returned to the Holder of such series of Securities.
TheOfferorshaveretainedJ.P.MorganSecurities LLC, Mizuho SecuritiesUSALLC, ScotiaCapital (USA)Inc. and SMBC Nikko Securities America, Inc.to serve as Dealer Managers for the Tender Offers. Global Bondholder Services Corporation has been retained to serve as the Information Agent and Tender Agent for the Tender Offers. Questions regarding the Tender Offers may be directed to J.P.MorganSecurities LLC at (866) 846-2874 (toll free) or (212) 834-7279 (collect),Mizuho SecuritiesUSALLCat(866) 271-7403(toll-free)or(212) 205-7741 (collect),ScotiaCapital (USA)Inc. at(800) 372-3930(tollfree)or(212) 225-5559(collect) and SMBC Nikko Securities America, Inc. at (888) 284-9760 (toll-free) or (212) 224-5328 (collect). Requests for the Offer to Purchase may be directed to Global Bondholder Services Corporation at 65 Broadway – Suite 404 New York, New York 10006,Attn:Corporate Actions,(212) 430-3774(forbanks and brokers)or(855) 654-2015(forallothers) oremailat contact@gbsc-usa.com.
None of Saavi Energia, the Offerors, their respective subsidiaries or affiliates, their respective boards of directors, the Dealer Managers, the Tender Agent, the Information Agent or the trustees with respect to the Securities is making any recommendation as to whether Holders should tender any Securities in response to the Tender Offers. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
The Tender Offers are not being made to holders of Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or otherlawsofsuchjurisdiction. Inanyjurisdictioninwhichthesecuritieslawsorblueskylaws require the Tender Offers to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Offerors by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This press release does not constitute an offer to purchase securities or a solicitation of an offertosellanysecuritiesoranoffer tosellorthesolicitationofanoffer topurchaseanynew securities, nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful. Capitalized terms used in this press release but not otherwise defined herein have the meanings assigned to them in the Offer to Purchase.
Cautionary Statement
All statements included in this press release, other than historical information or statements of historical fact, are forward-looking statements. Words such as, but not limited to, “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions are intended to identify forward-looking statements. All forward-looking statements rely on a number of assumptions, estimates and dataconcerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside of each Offeror's control that could cause actual results to differ materially from those reflected in such statements. Accordingly, the Offerors caution that the forward-looking statements contained herein are qualified by these and other important factors and uncertainties that could cause results to differ materially from those reflectedbysuchstatements.
Saavi Energia is the largest private power generator in Mexico in terms of installed capacity, after the Federal Electricity Commission (Comisión Federal de Electricidad) of Mexico, or, a state owned entity, and Fideicomiso de Inversión en Energía México, a Mexican special purpose trust (fideicomiso) sponsored by the National Infrastructure Trust Fund (Fideicomiso Fondo Nacional de Infraestructura) and managed by Mexico Infrastructure Partners FF, S.A.P.I. de C.V., with a significant investment from the Mexican Government. Saavi Energia has more than 25 years of experience in Mexico. Saavi Energia, directly and through a majority-owned partnership in EAVIII, owns and operates a geographically diversified portfolio of U.S. dollar-based, long-term contracted, operationally efficient and highly competitive assets with 3,748 MW in total permitted generation capacity (3,384 MW net generation capacity adjusted for equity share held by Saavi Energia in its joint venture) as of January 17, 2025.
For more information, please reach out to investor.relations@saavienergia.com.
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SOURCE Cometa Energía, S.A. de C.V. and Tierra Mojada Luxembourg II S.à r.l.
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