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Peru’s Camposol holders exchange 62.93% of 9 7/8% notes by early date; early premium extended
By Susanna Moon
Chicago, April 25 – Camposol SA said it extended the early tender deadline in the exchange for its 9 7/8% senior notes due 2017 until the end of the offer at midnight ET on May 6.
Investors had tendered for exchange $125,865,000 principal amount, or 62.93%, of the 9 7/8% notes as of midnight ET on April 22, the previous early tender date, according to a company notice.
As announced April 11, Camposol is offering to exchange any and all of its outstanding 9 7/8% notes for new 10½% senior secured notes due 2021.
In the exchange, holders will receive $1.00 principal amount of new notes for each $1.00 principal amount of existing notes tendered.
Before the change, those who tendered their existing notes after the early tender date would have received $0.95 principal amount of new notes for each $1.00 principal amount of existing notes.
The exchange offer is conditioned on the receipt of tenders for at least 95% of the existing notes.
After confirmation of the exchange offer, collateral that will secure the existing notes that remain outstanding and the new notes issued in the exchange offer will be perfected under the terms of a Peruvian trust agreement, the company previously said.
Holders may participate in the exchange offer if they are qualified institutional buyers under Rule 144A or if they are non-U.S. persons under Regulation S.
The dealer managers are J.P. Morgan Securities LLC and BofA Merrill Lynch. The information and exchange agent is D.F. King & Co., Inc. (800 821-2794, 212 269-5550 or camposol@dfking.com).
Lima, Peru-based Camposol is a grower and exporter of vegetables and fruits.
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