TRANSPORTADORA DE GAS INTERNACIONAL ANNOUNCES EARLY RESULTS OF ITS PARTIAL TENDER OFFER FOR ITS NOTES MATURING IN 2028 AND EXTENSION OF EARLY TENDER PREMIUM THROUGH THE EXPIRATION DATE
BOGOTÁ, Colombia, Oct. 11, 2022 /PRNewswire/ — Transportadora de Gas Internacional S.A. E.S.P. (“TGI“), announced today the early tender results in connection with its previously announced partial cash tender offer (the “Offer“) for up to U.S.$150,000,000 in aggregate principal amount (the “Maximum Tender Amount“) of its outstanding 5.550% Senior Notes due 2028 (CUSIP: 89387Y AC5 (144A) / P93077 AC2 (REG S) ISIN: US89387YAC57 (144A) / USP93077AC28 (REG S) (the “Notes“). In addition, TGI announced that it has extended the payment of the Total Consideration (as defined below) through the Expiration Date (as defined below) (the “Extension“), such that the Total Consideration payable to holders who validly tender (and do not validly withdraw) their Notes on or prior to the Expiration Date will include the Early Tender Premium (as defined below).
The Offer is being made on the terms and subject to the conditions set forth in the Offer to Purchase, dated September 26, 2022 (the “Offer to Purchase“). The Offer is scheduled to expire at 11:59 p.m., New York City time, on October 24, 2022, unless extended or earlier terminated as described in the Offer to Purchase (such time and date, as the same may be extended, the “Expiration Date“). The amount of Notes that may be purchased in the Offer is subject to the Maximum Tender Amount. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Offer to Purchase.
As of 5:00 p.m., New York City time, on October 7, 2022 (the “Early Tender Date“), according to Morrow Sodali International LLC, the tender agent and information agent (the “Tender and Information Agent“) for the Offer, tenders were received (and not validly withdrawn) from holders of Notes representing U.S.$134,554,000 in aggregate principal amount of Notes.
TGI will accept all the Notes tendered (and not validly withdrawn) prior to or at the Early Tender Date. Subject to the terms and conditions of the Offer, holders who validly tendered their Notes at or prior to the Early Tender Date are eligible to receive U.S.$913.00 per U.S.$1,000 principal amount of Notes accepted for purchase (the “Total Consideration“), plus accrued and unpaid interest on the Notes (“Accrued Interest“) up to but not including the Early Settlement Date (as defined below).
Notes validly tendered and accepted for purchase on or prior to the Early Tender Date are expected to be purchased on October 13, 2022, which is the third Business Day following the Early Tender Date (the “Early Settlement Date“), subject to the terms and conditions described in the Offer. In addition, tendering holders whose Notes are accepted for purchase will also be paid accrued and unpaid interest from, and including, the last interest payment date up to, but not including, the Early Settlement Date.
Withdrawal rights with respect to the Offer expired at 5:00 p.m., New York City time, on October 7, 2022 (the “Withdrawal Date“). Accordingly, Notes tendered (in the past or the future) in the Offer may no longer be withdrawn, except if required by applicable law.
Pursuant to the Extension, holders who validly tender their Notes after the Early Tender Date but at or prior to the Expiration Date will be eligible to receive the Total Consideration of U.S.$913.00, which includes an “Early Tender Premium” of U.S.$30.00, for each U.S.$1,000 principal amount of Notes accepted for purchase, plus Accrued Interest up to but not including the Final Settlement Date (as defined below). Tendered Notes may be subject to proration if the aggregate purchase price of Notes validly tendered and not validly withdrawn in the Offer exceeds the Maximum Tender Amount, subject to disclosure and other requirements under applicable law. TGI reserves the right to increase or decrease the Maximum Tender Amount.
Payment for Notes validly tendered after the Early Tender Date but prior to the Expiration Date and accepted for purchase is expected to be made on October 26, 2022 (the “Final Settlement Date“).
Completion of the Offer is subject to customary conditions. If the conditions to the Offer are satisfied or waived, and TGI decides to proceed with settlement on the Early Settlement Date, TGI will thereafter accept for purchase and pay for any Notes validly tendered in the Offer at or prior to the Early Tender Date on the Early Settlement Date.
TGI reserves the absolute right to amend or terminate the Offer in its sole discretion, subject to disclosure and other requirements as required by applicable law. In the event of termination of the Offer, Notes tendered and not accepted for purchase pursuant to the Offer will be promptly returned to the tendering holders. The complete terms and conditions of the Offer are described in the Offer to Purchase, dated September 26, 2022, a copy of which may be obtained from the Tender and Information Agent for the Offer, at https://projects.morrowsodali.com/tgi, firstname.lastname@example.org, by telephone at +1 203 609 4910 (Stamford), +44 4513 6933 (London) or +852 2319 4130 (Hong Kong
TGI has engaged Itau BBA USA Securities, Inc. to act as the dealer manager (the “Dealer Manager“) in connection with the Offer. Questions regarding the terms of the Offer may be directed to the Dealer Manager by telephone at +1 888 770 4828 (U.S. Toll Free) or +1 212 710 6749 (collect)
None of TGI, the Dealer Manager, the Tender and Information Agent or the trustee for the Notes, or any of their respective affiliates, is making any recommendation as to whether holders should or should not tender any Notes in response to the Offer or expressing any opinion as to whether the terms of the Offer are fair to any holder. Holders must make their own decision as to whether to tender any of their Notes and, if so, the purchase price of Notes to tender. Please refer to the Offer to Purchase for a description of the offer terms, conditions, disclaimers and other information applicable to the Offer.
This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities. The Offer is being made solely by means of the Offer to Purchase. The Offer is not being 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. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of TGI by the Dealer Manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the United States Securities Exchange Act of 1934, as amended, including those related to the Offer. Forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ from those expressed in any forward-looking statements. TGI is not under any obligation to (and expressly disclaims any such obligation to) update forward-looking statements as a result of new information, future events or otherwise, except as required by law.
TGI is a stock corporation (sociedad anónima) organized as a public utility company (empresa de servicios públicos) under the laws of Colombia. As of December 31, 2021, TGI was the largest natural gas transportation company in Colombia, in terms of number of kilometers of pipeline assets, according to the Colombian Mining and Energy Planning Unit (Unidad de Planeación Minero Energética). For the year ended December 31, 2021, TGI delivered approximately 55.9% of the total natural gas transported in Colombia. TGI’s pipeline system (the “TGI Pipeline System“) consists of nine main pipelines (including secondary branches and loops) with a net transportation capacity of 849.4 MMpcd. The total length of the TGI Pipeline System is approximately 4,033 km.
The distribution of materials relating to the Offer and the transactions contemplated by the Offer may be restricted by law in certain jurisdictions. The Offer is void in all jurisdictions where it is prohibited. If materials relating to the Offer come into a holder’s possession, the holder is required by TGI to inform itself of and to observe all of these restrictions. The materials relating to Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Offer be made by a licensed broker or dealer and a Dealer Manager or any affiliate of a Dealer Manager is a licensed broker or dealer in that jurisdiction, the Offer, as the case may be, shall be deemed to be made by the Dealer Manager or such affiliate on behalf of TGI in that jurisdiction. Owners who may lawfully participate in the Offer in accordance with the terms thereof are referred to as “holders.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or other jurisdiction in which such offer or solicitation would be unlawful.
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SOURCE Transportadora de Gas Internacional S.A. E.S.P. (“TGI”)
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