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Dominican Republic's Cerveceria Nacional further extends tender offer for 8% notes
By Angela McDaniels
Seattle, Sept. 7 - Cerveceria Nacional Dominicana, C por A extended the tender offer for its 8% senior notes due 2014 to 5 p.m. ET on Sept. 12 from midnight ET on Sept. 7.
The extension will provide the company with more time to finalize the needed financing, according to a news release.
The tender offer was earlier extended from midnight ET on Aug. 31. When it began on Aug. 6, the company was offering to repurchase up to $100 million of the $255 million notes. On Aug. 20, the company lowered the maximum amount of notes it would repurchase to $50 million, citing changes in market conditions and financing availability.
For each $1,000 principal amount, the payout will be $1,035 for notes tendered by the early tender deadline and $1,000 for notes tendered after that. The early tender deadline was 5 p.m. ET on Aug. 24, which was pushed back from Aug. 17.
Holders will also receive accrued interest up to but excluding the payment date.
As of Sept. 7, $210 million of the notes, or 82%, had been tendered. As of the original early tender deadline, $202 million, or 79%, of the notes had been tendered.
The tender offer is conditioned upon the receipt of sufficient financing.
The Santo Domingo, Dominican Republic, brewing company previously said it is tendering for the notes, which are denominated in dollars, to replace them with Dominican peso-denominated debt.
Citigroup Corporate and Investment Banking (212 723-6108 or 800 558-3745) is the dealer manager. Deutsche Bank Luxembourg SA is the Luxembourg tender agent. Global Bondholder Services Corp. (212 430-3774 or 866 736-2200) is the tender agent and information agent.
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