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Mexico’s KUO takes in $5.3 million more tenders for 69% of 6¼% notes
New York, July 14 – Mexico’s Grupo KUO SAB de CV said it received an additional $5.3 million of tenders for its 6¼% notes due 2022 following the early tender deadline.
The total response to the offer was $228.6 million, or 70.35%, up from $223.3 million, or 68.72%, as of the original early tender deadline of 5 p.m. ET on June 28.
The tender ended at 11:59 p.m. ET on July 13.
All validly tendered notes were accepted for purchase, according to a news release.
KUO also said it has executed a supplemental indenture that incorporates changes to the terms of the notes which became effective on the early payment date of July 7.
Final settlement was planned for Friday.
The company began the tender on June 15 and announced the early tender results on June 30.
It also extended the early tender payment through the end of the tender offer so that all holders will receive the full amount of $1,050 per $1,000 principal amount, regardless of when they tendered.
Initially that total included a $30 early tender payment that would only have been paid to holders who tendered by the early tender deadline.
In addition, the company will pay accrued interest.
KUO was also soliciting consents to eliminate the company’s obligation to comply with substantially all of the note covenants, to remove some events of default and to shorten the minimum call notice to six business days from 30 days.
The tender offer contains a financing condition, which was expected to be satisfied on July 7 with the issue of $450 million principal amount of the company's 5¾% senior notes due 2027.
Merrill Lynch, Pierce, Fenner & Smith Inc. (646 855-8988 or 888 292-0070) is the dealer manager and solicitation agent.
D.F. King & Co., Inc. (800 713-9960 or 212 269-5550) is the tender agent and information agent.
Grupo KUO is a Mexico City-based chemical, automotive and food conglomerate.
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