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IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QUALIFIED INSTITUTIONAL BUYERS (“QIBs”) (WITHIN THE MEANING OF RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)) OR (2) NON-U.S. PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) OUTSIDE THE UNITED STATES. You must read the following disclaimer before continuing. The following disclaimer applies to the attached offering memorandum (the “Offering Memorandum”) accessed from this page or otherwise received as a result of such access and you are therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached Offering Memorandum. In accessing the attached Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE LAWS OF OTHER JURISDICTIONS. THE ATTACHED OFFERING MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORIZED. Confirmation of your Representation: In order to be eligible to view this Offering Memorandum or make an investment decision with respect to the securities, investors must be either (1) QIBs or (2) non-US persons (within the meaning of Regulation S under the Securities Act) outside the U.S. This Offering Memorandum is being sent at your request and by accepting the e-mail and accessing this Offering Memorandum, you shall be deemed to have represented to us that (1) you and any customers you represent are either (a) QIBs or (b) non-U.S. persons (within the meaning of Regulation S under the Securities Act), and that the electronic mail address that you gave us and to which this Offering Memorandum has been delivered is not located in the United States and (2) that you consent to delivery of this Offering Memorandum by electronic transmission. This Offering Memorandum has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission, and consequently, neither the initial purchasers nor any person who controls the initial purchasers or any of their respective directors, officers, employees or agents, or affiliate of any such person, accepts any liability or responsibility whatsoever in respect of any changes made without knowledge of the initial purchasers or such persons. You are reminded that the attached Offering Memorandum has been delivered to you on the basis that you are a person into whose possession the Offering Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this Offering Memorandum to any other person. You may not transmit the attached Offering Memorandum (or any copy of it or part thereof) or disclose, whether orally or in writing, any of its contents to any other person except with the consent of the initial purchasers. OFFERING MEMORANDUM CONFIDENTIAL U.S.$500,000,000 Stoneway Capital Corporation 10.000% Senior Secured Notes due 2027 Offering Price: 100.000% We are a corporation existing under the laws of New Brunswick, Canada, formed for the purpose of constructing, owning and operating, through our subsidiaries, Araucaria Energy S.A. (“Araucaria”) and SPI Energy S.A. (“SPI”), both sociedades anónimas (corporations) organized and existing under the laws of the Republic of Argentina (“Argentina”), power generation projects that will provide electricity to the wholesale electricity markets in Argentina. We are offering U.S.$500,000,000 of our 10.000% Senior Secured Notes due 2027 (the “Notes”). We will make interest payments on the Notes semi-annually, in arrears, on March 1 and September 1 of each year, commencing on September 1, 2017 (each, a “Scheduled Payment Date”). Principal on the Notes will be payable in semi-annual installments on each Scheduled Payment Date, commencing on the Scheduled Payment Date falling on September 1, 2018, in accordance with the amortization schedule set forth in this offering memorandum. The Notes will have a final maturity date of March 1, 2027. The Notes will be fully and unconditionally, jointly and severally, guaranteed by Stoneway Energy International LP, Stoneway Energy LP, Araucaria Power Generation S.A., Araucaria and SPI (the “Guarantors”), on a senior secured basis (subject to certain exceptions described herein). The net proceeds from this offering, together with U.S.$136,500,000 in equity funded by our parent company, Stoneway Group LP, a limited partnership formed under the laws of New Brunswick, Canada (the “Sponsor”), will be used to pay engineering, procurement, construction and development costs (including the cost of land) relating to our four power-generating plants located near Buenos Aires, Argentina (each, a “Plant” and, collectively, the “Plants”) with an aggregate generation capacity of 686.5 MW (the “Project”), to provide the initial funding of the IDC Account (as defined herein), to fund a construction contingency account and to pay fees and expenses related to the offering of the Notes. We may, at our option, at any time and from time to time prior to March 1, 2022, redeem the Notes, in whole or in part, at a redemption price based on a “make whole” premium. We may, at our option, at any time and from time to time on or after March 1, 2022, redeem the Notes, in whole or in part, at the redemption prices set forth in this offering memorandum. In addition, upon the occurrence of specified tax events, we may choose to redeem the Notes, in whole but not in part, at any time at a redemption price equal to 100.0% of the outstanding principal amount thereof, plus accrued and unpaid interest. See “Description of the Notes—Optional Redemption.” Upon the occurrence of certain change of control events or loss or similar events, we will be required to offer to purchase the Notes at purchase prices described herein under “Description of the Notes—Change of Control Event” and “Description of the Notes—Offers to Purchase Notes.” The Notes will be senior secured obligations and will be secured by a first-priority lien (or, with respect to certain collateral located in Argentina, assignment to or control by an Argentine guarantee trust), subject to certain exceptions and permitted liens, on substantially all our assets and the Guarantors’ assets (collectively, the “Collateral”).The Notes will rank equally in right of payment with any future Secured Revolving Credit Facility and any other Senior Indebtedness, and senior in right of payment to any future Subordinated Indebtedness. The Notes will be effectively senior to all of our existing and future unsecured Indebtedness, to the extent of the value of the Collateral, and effectively subordinated to any future Indebtedness that is secured by liens on assets that do not secure the Notes, to the extent of the value of such assets. See “Description of the Notes—Collateral.” Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to the Official List of the Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock Exchange’s Euro MTF Market. The Euro MTF Market of the Luxembourg Stock Exchange is not a regulated market for the purposes of Directive 2004/39/EC on markets in financial instruments. This offering memorandum constitutes a prospectus for purposes of Part IV of the Luxembourg law on prospectus for securities dated July 10, 2005, as amended. Investment in the Notes involves risks. See “Risk Factors” beginning on page 35 for a discussion of certain risks that you should consider in connection with an investment in the Notes. No securities commission or similar authority in Canada has in any way passed upon the merits of the securities offered hereunder nor has such a commission or similar authority reviewed this offering memorandum, and any representation to the contrary is an offense. The Notes and the Guarantees have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other state or jurisdiction. Unless they are registered under the Securities Act, the Notes and the Guarantees may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers (“QIBs”) as defined in Rule 144A under the Securities Act (“Rule 144A”), in reliance on the exemption from registration provided by Rule 144A and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”). You are hereby notified that sellers of the Notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For further details about eligible offerees and transfer restrictions, see “Transfer Restrictions.” The Notes have not been registered or authorized by the Comisión Nacional de Valores (Argentine Securities Commission) (“CNV”).
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