LONDON, May 17, 2022 /PRNewswire/ — CC Power plc (“SCC Power”) announced today that it has acquired, together with related entities, the Stoneway Capital Corporation (“Stoneway”) trading business, consisting of four power generation facilities located at Argentina with a total 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 under 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 became effective on May 17, 2022.
In consideration for the assets, SCC Power issued to certain creditors and interest holders of Stoneway US$17,861,000 6.000% Senior Secured Notes Due 2028, United States$310,000,000 8.000% Secured Junior Notes due 2028 and in the United States$200,000,000 4.000% Third Lien Notes due 2032. The first interest payment on the Notes is due on September 15, 2022.
Hernan WalkerMSU representative said, “We have a big challenge ahead as we focus on stabilizing operations and improving cash flow generation to maximize value for 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 Olson and Lazard Freres & Co. LLC.
The special purpose group of holders (and their investment advisors, sub-advisors and discretionary managers) 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, Fernandez Madero & Lombardi, Conyer 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 SA, as Argentinian collateral trustee, were represented by Perkins Coie LLP and Marval O’Farrell & Mairal, respectively.
About SCC Power
SCC Power is a public limited company governed by the laws of England and Wales wholly controlled by the Stoneway Custody Statutory Trust, the ultimate beneficiary of which is MSU Energy Holding Ltd.
About MSU Energy Holding
MSU Energy Holding Ltd, based in the UKis the majority shareholder of MSU Energy SA, an Argentine power producer that owns and operates three state-of-the-art combined cycle power plants with a total installed capacity of 750 MW.
For more information please contact [email protected]
SOURCE MSU Energy Holding Ltd