SOURCE: Marubeni Caribbean Power Holdings, Inc.

August 23, 2007 08:00 ET

Change of Control Offer for 11.0% Senior Notes Due 2016 of Jamaica Public Service Company Limited and Mirant JPSCO Finance Ltd. by Marubeni JPS (Cayman Islands) Finance Ltd.

ATLANTA, GA--(Marketwire - August 23, 2007) - Marubeni Caribbean Power Holdings, Inc. (the "Company") announced today the commencement on August 22 of a cash change of control offer for any and all of the $180 million aggregate principal amount outstanding of 11.0% Senior Notes due 2016 (the "Notes") issued by Jamaica Public Service Company Limited ("JPS") and Mirant JPSCO Finance Ltd. ("Mirant JPSCO"). The Company acquired JPS on August 8, 2007.

The change of control offer is being made by Marubeni JPS (Cayman Islands) Finance Ltd., a limited purpose entity and a subsidiary of the Company formed for this purpose (the "Purchaser").

The change of control offer will expire at 5:00 p.m., New York City time, on Wednesday, September 20, 2007, unless extended or earlier terminated (the "Expiration Date"). Tendering holders who validly tender their Notes by the Expiration Date will receive the purchase price of 101% of the principal amount thereof (the "Change of Control Purchase Price"), plus accrued and unpaid interest to, but not including, the purchase date. The Purchaser expects to pay the Change of Control Purchase Price promptly following the Expiration Date for Notes validly tendered on or prior to the Expiration Date and accepted for purchase.

The Purchaser intends to finance the change of control offer with proceeds from a new credit facility that it has entered into with a group of lenders. The terms and conditions of the change of control offer are set forth in the Notice of Occurrence of Change of Control and Offer to Purchase, dated August 22, 2007 (the "Statement") of the Purchaser. The Purchaser may amend, extend or, subject to certain conditions, terminate the offer at any time.

Questions regarding the Purchaser's change of control offer may be directed to D. F. King & Co., Inc., the Information Agent for the change of control offer. Requests for related documentation may be directed to D. F. King & Co., Inc., at (800) 290-6429 (toll free).

This announcement is not an offer to purchase or a solicitation of an offer to purchase with respect to any securities. The change of control offer is being made solely by the Statement.

Contact Information

  • Contact:
    Marubeni Caribbean Power Holdings, Inc.
    (678) 905-6678
    Email Contact