Company Overview of Sithe/Independence Funding Corp.
Sithe Independence Funding Corporation operates as an agent acting on behalf of Sithe/Independence Power Partners, L.P. (the partnership) This partnership was formed to develop, construct, and own a natural gas-fired cogeneration facility. The Project is a natural gas-fired cogeneration facility having a design capacity of approximately 1,000 MW. The company was established for the purpose of issuing the 7.90% Notes due 2002, the 8.50% Bonds due 2007, and the 9.00% Bonds due 2013. Sithe/Independence Funding Corp. operates as a subsidiary of Sithe/Independence Power Partners, L.P.
335 Madison Avenue
New York, NY 10017
Key Executives for Sithe/Independence Funding Corp.
Vice President - Sithe/Independence Inc. - General Partner
Compensation as of Fiscal Year 2012.
Sithe/Independence Funding Corp. Key Developments
Sithe/Independence Funding Corp. Announces Final Tender Offer Results for its 9% Secured Bonds Due 2013
Sep 26 11
Dynegy Inc. announced on behalf of its wholly-owned indirect subsidiary, Sithe/Independence Funding Corp., the expiration and final results of its previously announced cash tender offer for Sithe's 9% Secured Bonds due 2013. The tender offer expired at 11:59 p.m., New York City time, on September 23, 2011. As of the Expiration Date, of the $191,687,012.47 in aggregate principal amount of outstanding Notes, $191,104,833.46, or approximately 99.70% in aggregate principal amount had been validly tendered, including $191,088,414.23 in aggregate principal amount, or approximately 99.69%, of the outstanding Notes that were tendered as of 5:00 p.m., New York City time, on September 9, 2011. On September 12, 2011, Sithe accepted for purchase all Notes validly tendered on or prior to the Consent Date and satisfied and discharged the indenture and the remaining Notes. On the final payment date, September 26, 2011, Sithe will accept for purchase, and will pay $1,080.80 per $1,000.00 principal amount of Notes, plus accrued and unpaid interest for, all Notes that were validly tendered in the tender offer after the Consent Date and on or prior to the Expiration Date. As a result of the successful cash tender offer and consent solicitation, $43.4 million in restricted cash and $83 million in letters of credit previously held at Sithe were returned to Dynegy Power, LLC when the transaction closed.
Sithe/Independence Funding Corp. Announces Results of the Previously Announced Cash Tender Offer and Consent Solicitation for 9% Secured Bonds Due 2013
Sep 10 11
Dynegy Inc. announced, on behalf of its wholly-owned indirect subsidiary, Sithe/Independence Funding Corp. (Sithe), the results of the previously announced cash tender offer and consent solicitation for Sithe's 9% Secured Bonds due 2013. The consent solicitation sought to amend the indenture governing the Notes by eliminating certain restrictive covenants, certain events of default related to the Notes and certain other indenture provisions and to modify the provisions related to the satisfaction and discharge of the indenture. The results of the tender offer and consent solicitation, as of the consent date of 5:00 p.m., New York City time, on September 9, 2011, are as follows: Notes: Sithe/Independence Funding Corporation's 9%; Secured Bonds due 2013 Principal Amount Outstanding: $191,687,012.47; Amount of Notes Tendered (and not validly withdrawn): $191,088,414.23; Approximate Percentage of Notes Tendered: 99.69%. Based on the receipt of the requisite number of consents, the supplemental indenture effecting the proposed amendments has been executed. The right of holders to validly withdraw tendered Notes and validly revoke delivered consents expired upon execution of the supplemental indenture. Holders who have not yet tendered their Notes have until 11:59 p.m., New York City time, on September 23, 2011, unless extended by Sithe (the Expiration Date), to tender their Notes pursuant to the tender offer. Any such holders who validly tender (and do not validly withdraw) their Notes on or prior to the Expiration Date will receive $1,080.80 per $1,000.00 principal amount of Notes, plus accrued and unpaid interest. On the initial payment date, which is expected to be September 12, 2011, Sithe will accept for purchase, and will pay the total consideration for, all Notes that were validly tendered (and not validly withdrawn) in the tender offer on or prior to 5:00 p.m., New York City time, on September 9, 2011. The Notes that remain outstanding after the initial payment date will be governed by the indenture, as amended by the supplemental indenture. In addition, Sithe intends to satisfy and discharge the indenture and all Notes on, or as promptly as practical following, the initial payment date, although holders of Notes will have the right to tender their Notes until the Expiration Date. Sithe has retained Credit Suisse Securities (USA) LLC to serve as the dealer manager (the Dealer Manager and Solicitation Agent) and D.F. King & Co. Inc. to serve as the depositary and information agent (the Depositary and Information Agent) for the tender offer and consent solicitation.
Sithe/Independence Funding Corp. Commences Cash Tender Offer to Purchase All Outstanding $191.7 Million 9% Secured Bonds Due 2013
Aug 29 11
Dynegy Inc. announced that its Sithe/Independence Funding Corp. has commenced a cash tender offer to purchase any and all of its outstanding roughly $191.7 million of 9% secured bonds due 2013. In connection with the offer, Sithe is also soliciting consents from the registered holders of the notes to certain proposed amendments to the indenture governing the notes. The tender offer is set to expire at 11:59 pm ET on Sept. 23, unless extended or earlier terminated by Sithe. The total consideration for each $1,000 of notes validly tendered and accepted for payment will be $1,110.80. In order to receive the total consideration, holders of notes must validly tender their notes and validly deliver their corresponding consents on or prior to 5 pm ET on Sept. 9, unless extended or earlier terminated by Sithe. Holders of notes who validly tender their notes after the consent date and on or prior to the expiration date will receive $1,080.80 per $1,000 of notes, which is the total consideration minus the consent payment. In addition to the total consideration or the purchase price, as applicable, holders of notes validly tendered and accepted for payment will receive accrued and unpaid interest on the notes from the last interest payment date for the notes to, but not including, the applicable day of payment of the total consideration or the purchase price, as applicable. Sithe expects that the initial payment date will be on or about Sept. 12 unless the consent date is extended by Sithe in its sole discretion. Sithe intends to fund the purchase of the notes and payment of consents with cash on hand.
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