AES Drax Holdings Ltd. Extends Exchange Offer Expiration Date.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--April 19, 2001 AES Drax Holdings Ltd. today announced that it has extended the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of its offer to exchange (the "Exchange Offer") its, (pound)200,000,000 Series B 9.07% Senior Secured Bonds due 2025 and $302,400,000 Series B 10.41% Senior Secured Bonds due 2020, registered under the Securities Act of 1933, as amended (collectively, the "New Bonds"), for all outstanding, unregistered Series A 9.07% Senior Secured Bonds due 2025 and Series A 10.41% Senior Secured Bonds due 2020 (collectively, the "Old Bonds"), until 5 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on April 25, 2001, unless extended. The Exchange Offer was previously set to expire at 5 p.m., New York City time, on April 20, 2001. Except for the absence of transfer restrictions under the federal securities laws applicable to the Old Bonds, the New Bonds are identical to the Old Bonds. Except for the extension of the expiration date, all other terms and provisions of the Exchange Offer remain as set forth in the Exchange Offer prospectus previously furnished to the registered holders of the Old Bonds. As of April 19, 2001 holders of approximately, (pound)177,800,000.00 and $302,400,000.00 principal amount of Old Bonds have tendered Old Bonds pursuant to the Exchange Offer. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. is serving as the Exchange Agent in connection with the Exchange Offer. Prospectus Supplement and Recent Developments A prospectus supplement has been prepared by AES Drax Holdings to disclose recent developments relevant to the Drax power station Drax is a large coal-fired power station located near Selby in North Yorkshire in Northern England. brought about by the implementation of the New Electricity Trading Arrangements in England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. ("NETA NETA New Electricity Trading Arrangements NETA Network Associates, Inc. (stock abbreviation, AMEX) NETA National Educational Telecommunications Association NETA International Electrical Testing Association NETA Norethisterone Acetate ") on March 27, 2001. NETA establishes bilateral trading arrangements between generators, suppliers and other traders as described in the prospectus supplement and accompanying prospectus. To reflect the significant regulatory changes resulting from the implementation of NETA, AES Drax has entered into amendments to certain documents, including its hedging contract with TXU TXU Texas Utilities (Electric and Gas Company) TXU Transmitter Unit Europe Energy Trading Ltd., and has articulated a trading strategy In finance, a trading strategy (see also trading system) is a predefined set of rules to apply. Usually, this refers to a means used to replicate an option in order to give it an arbitrage free value in the sense that the cost of buying some financial assets to give the same for its operation of the Drax power station under NETA. These recent developments are more fully described in the prospectus supplement. The prospectus supplement and prospectus will be filed with the Securities and Exchange Commission. Interested parties are encouraged to obtain a copy of the prospectus supplement. |
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