Azurix Receives Required Noteholder Consents for Sale of Wessex Water; Extends Expiration Time.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--May 8, 2002 Azurix Corp. announced today that it has received tenders and consents from holders of the required majorities of its 10-3/8 percent Series B Senior Dollar Notes due 2007 and 10-3/4 percent Series B Senior Dollar Notes due 2010 for the sale of Wessex Water Ltd. and other matters in its pending tender offer and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with . Azurix previously had announced it had received tenders and consents from holders of the required majority of its 10-3/8 percent Series A and B Senior Sterling Notes due 2007 and executed the related supplemental indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. with the trustee. The required majorities of all three series of notes now have consented to the Wessex sale. Azurix intends to execute immediately supplemental indentures for the Senior Dollar Notes with the trustee under the indenture under which the notes were issued, at which time the tenders will cease to be withdrawable and the consents will be irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is . The supplemental indenture for the Senior Sterling Notes already has been executed, and tenders of Senior Sterling Notes continue to be non-withdrawable and the related consents irrevocable. Azurix also is extending the expiration of the tender offer and consent solicitation from 5:00 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time on Thursday, May 16, 2002 to midnight New York time on Thursday, May 16, 2002. Holders of notes validly tendered at or before the expiration of the expiration of the tender offer and consent solicitation will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive US$922.50 per US$1,000 principal amount in the case of Senior Dollar Notes and Pounds Sterling 922.50 per Pounds Sterling 1,000 principal amount in the case of Senior Sterling Notes. As of May 8, 2002, holders of an aggregate principal amount of approximately US$109 million of the Senior Dollar Notes due 2007, approximately Pounds Sterling 74 million of the 10-3/8 percent Senior Sterling Notes due 2007 and approximately US$97 million of the Senior Dollar Notes due 2010 had validly tendered and not withdrawn their notes pursuant to Azurix's tender offer and consent solicitation. Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. is acting as dealer manager of the tender offer and consent solicitation. Questions regarding the tender offer and consent solicitation may be directed to Salomon Smith Barney at 800/558-3745. An Offer to Purchase and Consent Solicitation, dated April 1, 2002, and related Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. and Consent describing the tender offer and consent solicitation have been distributed to holders of notes. Requests for additional copies of documentation can be made to Mellon Investor Services at 866/293-6625. This announcement does not constitute an offer with respect to any securities. Except as expressly set forth in this and previous releases, the tender offer and the consent solicitation remain subject to the terms and conditions set forth in the Offer to Purchase and Consent Solicitation and the related Letter of Transmittal and Consent. Except for the historical information, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , the accuracy of which is necessarily subject to risks and uncertainties. Actual results may differ significantly from the discussion of certain matters in forward-looking statements. Factors that may cause such differences include YTL Power YTL Power, a subsidiary of YTL Corporation, generates and sell power as an independent power producer to Tenaga Nasional for uploading onto the National Grid, Malaysia. International Berhad's ability to obtain on a timely basis consent of its shareholders to the purchase of Wessex; effects of Enron's bankruptcy, including the possible involvement of Enron's creditors or the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in the management of Azurix, including the Wessex sale and the order approving the actions of Enron, its subsidiaries and their employees in approving the Wessex sale; changes in exchange rates between other currencies and U.S. dollars; Azurix's ability to retain key personnel to manage the sale and tender offer process; and other factors discussed in the consent solicitation and offer to purchase and in Azurix's filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. |
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