Transfer of assets by Edenor
Pampa Energía announces the acceptance of a proposal by its subsidiary Empresa Distribuidora y Comercializadora Norte S.A. (“EDENOR”) to transfer assets
Buenos Aires, April 23, 2012. Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) announces today that the Board of Directors of its subsidiary Empresa Distribuidora y Comercializadora Norte S.A. (“EDENOR”) has accepted an offer proposal from Salta Inversiones Eléctricas S.A. (the “Buyer”) dated on April 16, 2012, in which said company offered EDENOR and its subsidiary Emdersa Holding S.A. to acquire shares representing: (i) 78.44% of the share capital and voting rights of EDESA Holding S.A. (“EDESA Holding”), a company in process of being incorporated due to Empresa Distribuidora Eléctrica Regional S.A. (“EMDERSA”) spin-off process, which completion is currently pending and once it is finished, EDESA Holding will hold 90% of the share capital and voting rights of Empresa Distribuidora de Electricidad de Salta S. A. (“EDESA”), a company which in turn owns 99.99% of the share capital and voting rights of Empresa de Sistemas Eléctricos Dispersos S.A. (“ESED”), and (ii) the remaining 0.01% of ESED.
The proposal’s price is payable through the delivery of Argentine sovereign bonds, for a value of AR$99.0 million as of today, which must be settled on the initial closing date (scheduled to be on or before May 5, 2012), except for one sixth which will be paid by the Buyer in five annual and consecutive installments, with the first due on May 5, 2013.
Moreover, under this proposal the Buyer committed to:
a) Before the initial closing date, EDESA should (i) settle the total financial credit granted by EDENOR to EDESA, dated March 4, 2011, for a principal amount of AR$131.3 million plus interests accrued to the date of settlement, and (ii) release EMDERSA from any responsibility from the guaranty granted by EMDERSA to EDESA, in relation to the syndicated loan granted by several banking entities to the latter one and to other subsidiaries of EMDERSA; and
b) EDESA settles at the due date its bond note issued in November 2010 by the company, with an outstanding amount of AR$3.8 million.
For further information, contact:
Ricardo Torres – Chief Executive Officer
Mariano Batistella – Special Projects Manager and Investor Relations Officer
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500