Material Fact (Somente em Inglês)

ELETROPAULO Metropolitana Eletricidade de São Paulo S.A.    .  
CNPJ Nº 61.695.227/0001-93    
PUBLIC-HELD COMPANY   


 AES Sul Distribuidora Gaúcha de Energia S.A. 
CNPJ Nº 02.016.440/0001-62    
PUBLIC-HELD COMPANY    

Energia Paulista Participações S.A.

CNPJ Nº 04.128.563/0001-10
PUBLIC-HELD COMPANY

AES ELPA S.A

CNPJ Nº 01.917.705/0001-30 
PUBLIC-HELD COMPANY

AES Tietê S.A.
CNPJ Nº 02.998.609/0001-27
PUBLIC-HELD COMPANY
 
MATERIAL EVENT
 

 
A AES ELPA S.A. (“ELPA”), Eletropaulo Metropolitana Eletricidade de São Paulo S.A. (“Eletropaulo”), AES Tietê S.A. (“Tietê”), AES Sul Distribuidora Gaúcha de Energia S.A.
(“AES Sul”) and Energia Paulista Participações S.A. (“Energia Paulista”) pursuant to CVM
Instruction 358, of January 3, 2002, communicate the following: The AES Corporation (“AES Corp.”) and some of its controlled companies, amongst which are the companies listed above (the “AES Group”) and Banco Nacional de  Desenvolvimento Econômico Social – BNDES (“BNDES”) entered on this date into a Memorandum of Understandings (“MOU”) regarding the restructuring of debts arising from the acquisition of common and preferred shares of Eletropaulo by ELPA and AES Transgás Empreendimentos Ltda. (“Transgás”). The implementation of this restructuring, purpose  of the MOU is subject to certain conditions summarized below. The restructure provides for the creation of a new company with a specific purpose, temporarily named “Novacom”, capital of which is shared amongst the AES Group and BNDES. Novacom will consolidate interest held directly and indirectly by AES Corp. at Eletropaulo, Tietê and AES Uruguaiana Ltda (“Uruguaiana” and together with Eletropaulo and Tietê, the “Companies”). The interest help at  AES Sul may also become a part of Novacom at the discretion of BNDES. The BNDES’ interest in the capital of Novacom will materialize by
way of the conversion of credits in the approximate amount of US$600 million, corresponding
to 50% of the addition of the total current value of the debts of ELPA and Transgás with the BNDES system. The balance of the debt will be object of a payment by AES Corp. in the amount of US$60 million subsequent to the implementation of the restructuring. The remaining
balance of US$540 million will be paid by Novacom upon the issue of debentures convertible
into shares, bound to the exchange variation and subject to an interest rate of 9% a year. The
debentures will be guaranteed by the total amount of shares of the Companies owned by AES
Corp. The term for payment of the debentures will be defined timely by the parties and should
vary between 10 and 12 years. The parties should also agree on the average term of amortization and the grace period. The definition of these terms and conditions will consider the ability of Novacom to generate cash, added by a reasonable safety margin. The capital of Novacom will be made up exclusively of common shares. The AES Group, the controlling shareholder of Novacom (pursuant to rules to be defined in the shareholders’ agreement) will hold 50% plus one common share of Novacom, while BNDES will hold 50%, less one common share. Novacom will be managed by a Board of Directors that will comprise 5 members, 3 of which will be appointed by the AES Group and the other 2 by BNDES; and by a Management that will have 2 directors appointed by the AES Group. The implementation of the restructuring is subject to prior economic-financial and operating assessment, amongst other definitions, result of which should be satisfactory to BNDES, to the granting of the necessary approvals by the creditors of the AES Group, Agência Nacional de Energia Elétrica – ANEEL and to the negotiation and entering into agreements satisfactory to the parties. It is the intention of the companies undersigning this Material Event to immediately proceed with the disclosure,
pursuant to CVM Instruction 358, when there are concrete facts regarding the aforementioned
restructuring.
 
 
São Paulo, September 8, 2003
 

 
Andrea Cristina Ruschmann 
Investor Relations Director
ELETROPAULO Metropolitana
Eletricidade de São Paulo S.A.
 
Paulo Roberto Dutra
Investor Relations Director
Energia Paulista Participações S.A.  
 
Paulo Roberto Dutra
Investor Relations Director
AES Tietê S.A.
 
Andrea Cristina Ruschmann
Investor Relations Director
AES ELPA S.A.
 
Kerry Yeager
Investor Relations Director 
AES Sul Distribuidora Gaúcha de Energia S.A.
 


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