Foundry JV Holdco LLC Announces Launch of Consent Solicitation to Holders of its Outstanding Senior Secured Notes

Core Viewpoint - Foundry JV Holdco LLC is initiating a consent solicitation to amend the terms of its outstanding Senior Secured Notes to improve rating agency assessments and address specific financial definitions and conditions [1][2]. Group 1: Consent Solicitation Details - The consent solicitation is aimed at adopting proposed amendments to the indentures governing various series of Senior Secured Notes, including those due in 2030, 2032, 2034, 2035, and 2038 [1][2]. - The proposed amendments include changes to the definition of Total Net Debt, allowing suspended distributions to be included for determinations after January 25, 2038, following an Intel Call Notice [2]. - The amendments also seek to modify the Events of Default related to Intel Member, linking it to Intel Corporation's performance under Material Project Documents [2]. Group 2: Financial Considerations - The consent solicitation will expire at 5:00 p.m. New York City time on January 17, 2025, with a consent fee of $1.00 per$1,000 in principal amount of Notes for consenting holders [3][5]. - Payment of the consent fee is contingent upon receiving consents from holders of more than 50% of the aggregate principal amount of each series of Notes [4][5]. Group 3: Company Background - Foundry JV Holdco LLC is indirectly owned by Brookfield Infrastructure Partners L.P. and was formed to invest in Intel's manufacturing expansion at its Ocotillo campus in Chandler, Arizona [8]. - The project involves two semiconductor wafer fabrication buildings, Fab 52 and Fab 62, along with related structures and equipment [8].