Empresa Nacional del Petróleo, a state-owned enterprise organized under the laws of the Republic of Chile ("ENAP" or the "Company") announced the early results of its previously announced offer to purchase for cash its 3.450% Notes due 2031 (the "Maximum Tender Offer Notes") upon the terms of, and subject to the conditions in, the offer to purchase dated July 22, 2024 (the "Offer to Purchase").
The offer to purchase for cash the Maximum Tender Offer Notes is referred to herein as the "Maximum Tender Offer". Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.
On July 30, 2024, the Company closed the offering of $600,000,000 5.950% Notes due 2034 (the "New Notes"). As a result, the New Financing Condition has been satisfied with respect to the Maximum Tender Offer. The proceeds from the issuance of the New Notes, together with existing cash balances and/or additional financings, are expected to fund the Maximum Tender Offer.
The early tender deadline for the Maximum Tender Offer was 5:00 p.m., New York City time, on August 2, 2024 (the "Early Tender Time"). As of the Early Tender Time, $287,488,000 aggregate principal amount of the Maximum Tender Offer Notes had been delivered and not withdrawn.
The Company also announced its decision to increase the tender cap for the Maximum Tender Offer , from $200,000,000 to $210,000,000, subject to the Maximum Aggregate Consideration Cap. The Maximum Aggregate Consideration Cap is $800,000,000, which is specified as the aggregate consideration to be paid by the Company for the principal amount of the Any and All Notes and the Maximum Tender Offer Notes (excluding the Accrued Interest). On July 31, 2024, the Company purchased for cash $621,644,000 aggregate principal amount of its 3.750% Notes due 2026 (the "Any and All Notes"). The Company paid $613,805,069.16 for the purchase of such Any and All Notes (excluding the Accrued Interest).
The Maximum Tender Total Consideration in respect of the Maximum Tender Offer Notes will be calculated at or around 10:00 a.m., New York City time, today (the "Maximum Tender Price Determination Time") in accordance with standard market practice, as described in the Offer to Purchase. A press release announcing (i) the Maximum Tender Total Consideration, (ii) the aggregate principal amount of the Maximum Tender Offer Notes accepted for purchase by the Company and (iii) the pro ration factor will be disseminated after the Maximum Tender Price Determination Time.
In respect of accepted Maximum Tender Offer Notes that were delivered at or prior to the Early Tender Time, the Company expects the Early Tender Settlement Date to occur on the second business day after the Early Tender Time, August 6, 2024.
Holders that validly tendered and did not validly withdraw their Maximum Tender Offer Notes at or prior to the Early Tender Time and whose Maximum Tender Offer Notes are accepted for purchase will receive the Maximum Tender Total Consideration, together with an amount equal to the Accrued Interest thereon.
