SOURCE: Marubeni Caribbean Power Holdings, Inc.

September 06, 2007 08:00 ET

Marubeni Caribbean Power Holdings, Inc. Announces Termination of Consent Solicitation for 7.017% Notes Due 2016 Issued by Mirant Trinidad Investments, LLC; Related Tender Offer Continues

ATLANTA, GA--(Marketwire - September 6, 2007) - Marubeni Caribbean Power Holdings, Inc. (the "Company"), a wholly owned subsidiary of Marubeni Corporation ("Marubeni"), announced today in connection with the previously announced cash tender offer and consent solicitation for the 7.017% Notes due 2016 (CUSIP Nos. 60468BAA2 and U60462AA3) (the "Notes") issued by Mirant Trinidad Investments, LLC ("MTI"), that the consent solicitation that was previously part of the tender offer has been terminated.

As a result of the termination of the consent solicitation, no consent payment will be made, the previously proposed amendments to the indenture governing the Notes will not be adopted, the consent condition to the tender offer is waived, the withdrawal date for the tender offer has been extended to 12:00 midnight, New York City time, on September 19, 2007, which is the expiration date for the tender offer, and any tendered Notes that are purchased in the tender offer will not be purchased until promptly following the tender expiration date.

The tender offer remains open and holders who have not yet tendered their Notes may tender them prior to 12:00 midnight, New York City time, on September 19, 2007, unless the tender offer is extended or earlier terminated. The tender offer price remains at $1,011.25 for each US$1,000 principal amount of Notes tendered and accepted for purchase by the Purchaser. Any Notes that have already been tendered and are not withdrawn prior to the tender expiration date will be purchased promptly following the tender expiration date.

The tender offer is being made solely on the terms and subject to the conditions set forth in the Joint Notice of Change of Control and Offers to Purchase and Consent Solicitation Statement dated August 22, 2006 (the "Offer to Purchase"), and the accompanying Letter of Transmittal, as amended and supplemented by this press release (the "Tender Offer Documents").

The tender offer is being made by Marubeni Power (Cayman Islands) Finance Ltd., a limited purpose entity and a subsidiary of the Company formed for this purpose (the "Purchaser"). The Purchaser reserves the right to terminate, withdraw or amend the tender offer at any time, subject to applicable law.

The Purchaser has retained ABN AMRO Incorporated, Calyon Securities (USA) Inc., ING Financial Markets LLC and Mizuho Securities USA Inc. to act as Dealer Managers in connection with the tender offer. Questions about the tender offer may be directed to D. F. King & Co., Inc., the information agent for the tender offer, at (800) 290-6429 (toll free). Copies of the Tender Offer Documents and other related documents may also be obtained from D. F. King & Co., Inc.

Concurrent to the tender offer, the Company's previously announced change of control offer remains open. Noteholders may tender their Notes in the change of control offer prior to 5:00 p.m., New York City time, on September 24, 2007. The price offered for the Notes tendered in the change of control offer is less than the consideration on the concurrent tender offer referred to above. A Note may be tendered in the tender offer or the change of control offer, but not both.

The tender offer and the change of control offer are being made solely by means of the Tender Offer Documents. Under no circumstances shall this press release constitute an offer to purchase or the solicitation of an offer to sell the Notes or any other securities of MTI. No recommendation is made as to whether holders of the Notes should tender their Notes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "will" or "intend" and similar expressions. The forward-looking statements contained herein reflect our current views with respect to future events and are based on our currently available financial, economic and competitive data and on current business plans. Actual results could vary materially depending on risks and uncertainties that may affect the Purchaser's business and operations and other factors. These forward-looking statements speak only as of the date on which the statements were made and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.

About Marubeni and Marubeni Caribbean Power Holdings, Inc.

Marubeni was founded in 1858 and has become one of Japan's leading enterprises. Marubeni operates all over the world, providing services in energy, power, chemicals, metals and eight other industrial sectors. Marubeni Caribbean Power Holdings, Inc. has headquarters in Marietta, Georgia. For more information about Marubeni, please visit www.marubeni.com.

Contact Information

  • CONTACT:
    D. F. King & Co., Inc.
    Banks and Brokers Call Collect: (212) 269-5550
    All Others Call Toll Free: (800) 290-6429