LONDON, May 17, 2022 /PRNewswire/ — CC Power plc (“SCC Power”) announced today that, together with related entities, it has acquired the business enterprise of Stoneway Capital Corporation (“Stoneway”), consisting of four power generation facilities located in Argentina with an aggregate installed capacity of 737 MW.
The acquisition and restructuring transactions were effected pursuant to the chapter 11 plan (the “Chapter 11 Plan”) and the plan of arrangement pursuant to the Canada Business Corporations Act (the “CBCA Plan” and, together with the Chapter 11 Plan, the “Plans”) of Stoneway and its affiliated debtors-in-possession, which went effective on May 17, 2022.
As consideration for the assets, SCC Power issued to certain creditors and interest holders of Stoneway U.S.$17,861,000 6.000% Secured First Lien Notes due 2028, U.S.$310,000,000 8.000% Secured Second Lien Notes due 2028 and U.S.$200,000,000 4.000% Secured Third Lien Notes due 2032. The first interest payment under the notes is due on September 15, 2022.
Hernan Walker, representative of MSU, stated: “We have a great challenge ahead as we focus on stabilizing the operations and enhance cash flow generation in order to maximize value to all stakeholders.”
SCC Power was represented in the acquisition and restructuring by Simpson Thacher & Bartlett LLP, Maples and Calder, McCarthy Tétrault LLP, Stewart McKelvey and Tavarone, Rovelli, Salim & Miani.
Stoneway was represented in the acquisition and restructuring by Shearman & Sterling LLP, Bennett Jones LLP, Bomchil, Carey Olsen and Lazard Frères & Co. LLC.
The ad hoc group of holders (and their investment advisors, sub-advisors, and managers with discretionary authority) of Stoneway Capital Corporation’s 10.000% senior secured notes due 2027 was represented by Cleary Gottlieb Steen & Hamilton LLP, Osler, Hoskin & Harcourt LLP, Bruchou, Fernández Madero & Lombardi, Conyers Dill & Pearman and Rothschild & Co. US Inc.
The lenders under the mezzanine loan were represented by Dechert LLP, Goodmans LLP, and Walkers.
UMB Bank NA, as US Trustee and Collateral Agent, and TMF Trust Argentina S.A., as Argentine Collateral Trustee, were represented by Perkins Coie LLP and Marval O’Farrell & Mairal, respectively.
About SCC Power
SCC Power is a public limited company organized under the laws of England and Wales wholly controlled by the Stoneway Custody Statutory Trust, whose ultimate beneficiary is MSU Energy Holding Ltd.
About MSU Energy Holding
MSU Energy Holding Ltd, based in the United Kingdom, is the controlling shareholder of MSU Energy S.A., an Argentine power generator which owns and operates three state-of-the-art combined cycle plants with an aggregate installed capacity of 750MW.
For more information, please contact [email protected]
SOURCE MSU Energy Holding Ltd