Chile’s Cencosud announces results of tender offer for three series

By Sarah Lizee

Olympia, Wash., Oct. 9 – Cencosud SA announced the final results of its cash tender offers for up to $900 million of its $942,853,000 4 7/8% senior notes due 2023, its $650 million 5.15% senior notes due 2025 and its $1 billion 4 3/8% senior notes due 2027, according to a press release.

The offers expired at 11:59 p.m. ET on Oct. 8.

By the expiration time, Cencosud said it had received and accepted tenders of $323,572,000 of the 4 7/8% notes; $125,654,000 of the 5.15% notes; and $25,211,000 of the 4 3/8% notes. These amounts include notes tendered before the early deadline.

As previously reported, the company announced on Sept. 25 that it had amended the offers to extend the timeframe to receive the total consideration through the expiry of the offer, adjust the total consideration for the 5.15% and 4 3/8% notes and modify the proration factor for those series.

The maximum amount for the 5.15% and 4 3/8% notes is the maximum tender amount less the aggregate purchase price for the 4 7/8% notes validly tendered and accepted for purchase.

The tender consideration is $1,047.50 per $1,000 of notes for the 4 7/8% notes; $1,055.50 per $1,000 of notes for the 5.15% notes; and $990.50 for the 4 3/8% notes.

Holders will also receive accrued interest.

Previously, only holders who tendered their notes by the early tender deadline, 5 p.m. ET on Sept. 24, were to receive the early tender premium of $30 per $1,000 of notes, which is included in the tender consideration for each series of notes. Following the amendment, all participating holders will receive the total consideration.

By the early deadline, Cencosud said it had received and accepted tenders of $319,428,000 of the 4 7/8% notes; $122,338,000 of the 5.15% notes; and $22,666,000 of the 4 3/8% notes.

The offers were announced on Sept. 11.

Morgan Stanley & Co. LLC (212 761-1057 collect or 800 624-1808 toll-free) and Santander Investment Securities Inc. (212 940-1442 collect or 855 404-3636 toll-free) are the dealer managers. D.F. King & Co., Inc. (800 283-2170 toll-free, 212 269-5550 banks and brokers or cencosud@dfking.com) is the information agent.

Cencosud is a Santiago, Chile-based retail company.

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