Mirant completes Edelnor sale

London, Jan 2 – US energy group Mirant today announced that its Chilean subsidiary, Mirant Chile S.A., completed the sale of its interest in Empresa Electrica del Norte Grande S.A. (Edelnor) to F.S. Inversiones, Limitada for a price of $4.5 million.

The Mirant Chile shares represent 82.34 per cent of the outstanding shares of Edelnor. The terms of the offer include a purchase price of $2.5m for Mirant Chile’s interest in Edelnor, payable by a promissory note.

The offer to buy Edelnor was announced Dec 13 and Mirant Chile indicated then that it would accept the offer, unless it received another offer which it determined was more beneficial to it.

Mirant has been seeking to dispose of its shares in Edelnor having written off its entire investment in the company. AES and Electroandina, had offered as much as $380 per $1000 of face value for the outstanding loan participation certificates of Edelnor via competing tender offers but withdrew their non-binding bids.

The failure to find a buyer created liquidity problems for Edelnor with Mirant declining to inject any further capital. The sale announced today resolves Mirant’s difficulty.

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