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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14D-1
TENDER U.S. OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OF
THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 13
Empresa Nacional de Electricidad S.A.
(Name of Subject Company)
Duke Energy International, L.L.C.
Duke Energy Corporation
(Bidders)
Common Stock, no par value
(including that represented by
American Depositary Shares) 29244T101
(Title of Class of Securities) (CUSIP Number of Class of Securities)
Carol Graebner, Esq.
General Counsel
Duke Energy International, L.L.C.
5400 Westheimer Court
Houston, Texas 77056-5310
Telephone: (713) 627-6542
Facsimile: (713) 627-5219
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Bidders)
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Copy to:
Frederick S. Green, Esq.
Ellen J. Odoner, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153-0119
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
(Continued on following pages)
(Page 1 of 17)
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1 NAME OF REPORTING PERSONS: Duke Energy International, L.L.C.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 56-2051206
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON OO
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Page 2 of 17
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1 NAME OF REPORTING PERSONS: Duke Energy Global Asset Development, Inc.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 88-0366429
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Navada
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 3 of 17
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1 NAME OF REPORTING PERSONS: Duke Energy Services, Inc.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 48-0650320
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 4 of 17
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1 NAME OF REPORTING PERSONS: PanEnergy Corp.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 74-2150460
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 5 of 17
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1 NAME OF REPORTING PERSONS: Duke Capital Corporation
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 51-0282142
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: BK, WC,OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 6 of 17
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1 NAME OF REPORTING PERSONS: Duke Energy Corporation
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 56-0205520
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of North Carolina
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 7 of 17
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This Amendment No. 13 amends and supplements the Tender Offer Statement
on Schedule 14D-1 filed on February 25, 1999, as amended, by Duke Energy
International, L.L.C., a Delaware limited liability company (the "BIDDER") and a
wholly-owned, indirect subsidiary of Duke Energy Corporation, a North Carolina
corporation ("Duke"), with respect to the offer by Bidder to purchase for cash
up to 501,947,400 shares of Common Stock, no par value (the "SHARES"), of
Empresa Nacional de Electricidad S.A. (the "COMPANY"), a publicly traded stock
corporation (sociedad anonima abierta) incorporated under the laws of the
Republic of Chile, including Shares represented by American Depositary Shares,
each representing 30 Shares and evidenced by American Depositary Receipts.
ITEM 1. SECURITY AND SUBJECT COMPANY.
Clause (b) of Item 1 is supplemented as follows:
On April 1, 1999, Duke issued a press release stating that if the total
number of Endesa shares it wishes to purchase in the Chilean Auction are not
tendered by Chilean shareholders, the Bidder may amend its U.S. Offer to
Purchase, to increase the maximum number of Endesa shares and ADSs sought in the
U.S. in order to achieve 51 percent of Endesa in the combined offers. A copy of
the press release is filed as Exhibit (a)(41) to this Schedule 14D-1 and is
incorporated herein by reference.
ITEM 4. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Clauses (a-b) of Item 4 are supplemented as follows:
On March 30, 1999, NationsBank, N.A. extended the commitment described
in Item 10 ("Source and Amount of Funds") of the U.S. Offer to Purchase,
extending the expiration date of the commitment to April 15, 1999. A copy of the
extension letter is filed as Exhibit (a)(43) and is incorporated herein by
reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(41) Press release issued by Bidder on April 1, 1999.
Exhibit (a)(42) Letter from the Bidder to holders of American Depositary
Receipts dated March 30, 1999.
Exhibit (a)(43) Letter extending commitment of NationsBank, N.A.
Page 8 of 17
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SIGNATURES
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: April 1, 1999
DUKE ENERGY INTERNATIONAL, L.L.C.
By: /s/ BRUCE A. WILLIAMSON
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Name: Bruce A. Williamson
Title: President and
Chief Executive Officer
DUKE ENERGY CORPORATION
DUKE ENERGY GLOBAL ASSET DEVELOPMENT, INC.
DUKE ENERGY SERVICES, INC.
PANENERGY CORP.
DUKE CAPITAL CORPORATION
By: /s/ BRUCE A. WILLIAMSON
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Name: Bruce A. Williamson
Title: Authorized person
Page 9 of 17
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(41) Press release issued by Bidder on April 1, 1999.
Exhibit (a)(42) Letter from the Bidder to holders of American Depositary
Receipts dated March 30, 1999.
Exhibit (a)(43) Letter extending commitment of NationsBank, N.A.
Page 10 of 17
EXHIBIT (A)(41)
Page 11 of 17
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DUKE ENERGY REITERATES ITS COMMITMENT TO ACQUIRING 51 PERCENT OF
EMPRESA NACIONAL DE ELECTRICIDAD S. A. (ENDESA)
Duke Energy (NYSE: DUK) announced today that if the total number of Endesa
shares the company wishes to purchase in the Chilean Auction are not tendered by
Chilean shareholders, Duke Energy may amend its U. S. Offer to purchase, to
increase the maximum number of Endesa shares and ADSs sought in the U. S. in
order to achieve 51 percent of Endesa in the combined offers.
"We planned our transaction to ensure that it is equitable to all shareholders,"
said Bruce Williamson, president and CEO of Duke Energy International. "If the
Chilean shareholders do not choose to fully participate in the Chilean offer,
however, we may choose to accept the amount tendered in the Chilean auction and
acquire the shortfall, up to 51 percent, in the U. S. offer."
The Chilean Auction, which is open only to Chileans, is conditioned on there
having been tendered 3,680,947,436 shares of Endesa for sale at the auction.
Similarly, the U. S. offer, which is open only to U. S. and other non-Chileans,
is conditioned on Duke Energy having successfully purchased the needed Chilean
shares.
Duke Energy is a global energy company with more than $26 billion in assets.
Headquartered in Charlotte, N.C., the company reaches into more than 50
countries, producing energy, transporting energy, marketing energy and providing
energy services. In the United States, Duke Energy companies provide electric
service to approximately two million customers in North Carolina and South
Carolina; operate interstate pipelines that deliver natural gas to various
regions of the country; and are leading marketers of electricity, natural gas
and natural gas liquids. Additional information about the company is available
on the Internet at: http://www.duke-energy.com.
Page 12 of 17
EXHIBIT (A)(42)
Page 13 of 17
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[Duke Logo]
IMPORTANT REMINDER
March 30, 1999
Dear Endesa ADS Shareholder:
As you know an Extraordinary Shareholders Meeting will be held on April 8, 1999
to consider an amendment to Endesa's by-laws raising the current limitation on
share ownership from 26% to 65%. In making your voting decision, you should be
aware of the following:
o Duke Energy International has offered to purchase up to 501,947,400 Endesa
common shares, including common shares represented by American Depositary
Shares at 7,500 Chilean pesos per ADS. THE DUKE OFFER REPRESENTS A PREMIUM
OF APPROXIMATELY 48% OVER THE AVERAGE PRICE OF ENDESA SHARES ON THE
SANTIAGO STOCK EXCHANGE FOR THE SIX MONTHS PRIOR TO DUKE ENERGY'S
ANNOUNCEMENT OF ITS OFFER.
o Duke's Offer cannot be consummated without the approval of the proposed
amendment, which requires the affirmative vote of 75% of Endesa's
outstanding shares. YOUR VOTE IS EXTREMELY IMPORTANT.
o ADOPTION OF THE PROPOSAL GIVES YOU THE FREEDOM TO PARTICIPATE IN THE DUKE
OFFER, OR ANY OTHER OFFER WHICH MAY BE FORTHCOMING. It does not obligate
you to tender your shares.
o Citibank, the ADS Depositary, must receive your bank or broker's voting
instruction by 10:00 A.M., EST, on Tuesday, April 6, 1999. THEREFORE YOUR
BANK OR BROKER MUST RECEIVE YOUR VOTE BY APRIL 5, 1999 IN ORDER TO HAVE
AMPLE TIME TO DELIVER IT TO CITIBANK.
I URGE YOU TO PROTECT THE VALUE OF YOUR INVESTMENT BY SIGNING, DATING AND
RETURNING THE ENCLOSED FORM OF PROXY TODAY, VOTING FOR THE BY-LAW AMENDMENT.
Thank you for your consideration and support.
Sincerely
Bruce A. Williamson
President
Duke Energy International, L.L.C.
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IMPORTANT: MAKE SURE YOUR VOTE IS COUNTED!
IF YOU HAVE ANY QUESTIONS, OR NEED ASSISTANCE IN VOTING YOUR
ADSS, PLEASE CONTACT INNISFREE M&A INCORPORATED, WHICH IS
ASSISTING US, AT (888) 750-5834 (TOLL-FREE).
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Page 14 of 17
EXHIBIT (A)(43)
Page 15 of 17
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NATIONSBANK
March 30, 1999
Duke Capital Corporation
422 South Church Street
Charlotte, NC 28202-1904
Attention: David L. Hauser
Vice President & Treasurer
Re: Extension of Closing for $1 Billion Term Loan Facility
Dear David:
This letter references (i) the letter dated February 24, 1999 (the "Commitment
Letter") among Duke Capital Corporation, NationsBank, N.A. and NationsBanc
Montgomery Securities LLC regarding the underwriting and syndication of a $1
billion term loan facility (the "Facility"), and (ii) the letter among those
parties dated February 24, 1999 regarding fees for the Facility (the "Fee
Letter"). Unless otherwise defined herein, capitalized terms shall have the
meanings set forth in the Commitment Letter and the Summary of Terms attached
thereto.
At the Borrower's request, NationsBank and NMS have agreed to extend the final
date for Closing of the Facility (and the execution and delivery of definitive
documentation therefor) as provided in the Commitment Letter and Summary of
Terms. Accordingly, the parties hereby agree as follows:
1. The Commitment Letter is amended by changing the date "April 1, 1999,"
appearing in the next to last paragraph on page 3 of the Commitment Letter,
to "April 15, 1999". The Summary of Terms is also amended, in the paragraph
entitled "Closing," by changing the date "April 1, 1999" to "April 15,
1999".
2. The Fee Letter is amended, in clause (b) of the paragraph entitled "Ticking
Fee," by changing the date "April 1, 1999" to "April 15, 1999".
As expressly amended hereby, the Commitment Letter, the Summary of Terms and the
Fee Letter shall continue in full force and effect in accordance with their
terms. If the foregoing is in accordance with your understanding, please execute
and return this letter to us to indicate your agreement.
Very truly yours,
NATIONSBANK, N.A.
By: /s/ Wade B. Sample
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Wade B. Sample
Senior Vice President
Page 16 of 17
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NATIONSBANC MONTGOMERY SECURITIES LLC
By: /s/ Cynthia A. Grim
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Cynthia A. Grim
Managing Director
Accepted and Agreed to as of March 31, 1999:
DUKE CAPITAL CORPORATION
By: /s/ David L. Hauser
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Name: David L. Hauser
Title: Vice President and Treasurer
Page 17 of 17
