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Grupo Cementos gets early tenders for $187.94 million of 8 1/8% notes
By Susanna Moon
Chicago, June 21 – Grupo Cementos de Chihuahua SAB de CV (GCC) said investors had tendered $187,937,000 of its $260 million of outstanding 8 1/8% senior notes due 2020 as of the early deadline at 5 p.m. ET on June 20.
Grupo Cementos also received consents for 72.28% of the notes, which was enough to amend the notes, according to a company notice on Wednesday.
As announced June 7, the company is tendering for the notes as well as soliciting consents to eliminate substantially all of the restrictive covenants and some events of default and to reduce the minimum call notice period to two business days.
The total purchase price will be $1,044.63 for each $1,000 principal amount of notes, which includes an early tender premium of $30.00 per $1,000 of notes tendered by the early deadline.
Holders who tender after the early deadline will receive $1,014.63 per $1,000 principal amount.
The company will also pay accrued interest up to but excluding the settlement date.
The tender offer will continue until 11:59 p.m. ET on July 5, with early settlement set for June 23.
The proposed amendments require consents from holders of a majority of the outstanding notes.
Holders may not tender their notes without delivering their consents or vice versa.
The company said it plans to call any remaining notes at a redemption price of 104.063%.
The offer is contingent on closing of a concurrent issue of senior notes with enough proceeds to fund the purchase. This condition is expected to be met, after pricing of 5¼% senior notes due 2024 on June 20, the company added on Wednesday.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 470-4300) is the information agent.
GCC is a Chihuahua, Mexico-based construction materials company.
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