Boldini offers to swap 3.6% bonds due 2035 for 3.85% bonds due 2036

By Marisa Wong

Morgantown, W.Va., May 12 – Boldini Ltd. said it has begun an offer to exchange any and all of its outstanding $242,697,000 3.6% export ship financing obligations, 2011 series, due July 19, 2035 for up to $242,697,000 of its 3.85% export ship financing obligations, 2016 series, due Jan. 19, 2036.

The exchange offer will expire at 5 p.m. ET on May 26, according to a press release.

Holders who tender their bonds for exchange will receive $1,000 of 2016 bonds for each $1,000 of 2011 bonds tendered.

Tenders may be withdrawn at or prior to the expiration date.

Boldini said it expects to settle the exchange as promptly as possible after the expiration date and no later than July 19.

The offer is conditioned on at least 60% of the aggregate amount of the 2011 bonds being tendered. However, Boldini may choose to waive this minimum tender condition.

Payment of principal and interest on the 2016 bonds will be guaranteed by the United States under Chapter 537 of Title 46. Payment of principal and interest on the 2011 bonds is also guaranteed by the United States on a substantially similar basis.

The dealer manager for the exchange offer is Alvarez & Marsal Securities, LLC (attn.: George Varughese, managing director, 646 495-3544). D.F. King & Co., Inc. (212 269-5550 or boldini@dfking.com) is the information and exchange agent.

Boldini is a shipping company based in Rio de Janeiro.

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