Brazil’s Unigel tenders for $200 million 10˝% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, Sept. 11 – Unigel Luxembourg SA tendered for any and all of its $200 million of 10˝% notes due 2024, according to a news release on Wednesday.

The company is offering a total consideration of $1,100 per $1,000 principal amount.

The consideration includes an early participation premium of $30 per $1,000 principal amount to holders who tender by the early deadline, 5 p.m. ET on Sept. 24.

The issuer will also pay accrued interest to but excluding the settlement date, which is expected to be Sept. 30 for early tenders.

The offer will expire at 11:59 p.m. ET on Oct. 8, with final settlement expected on Oct. 9.

In conjunction with the tender offer, Unigel Luxembourg also commenced a solicitation of consents to amend the indenture governing the notes to eliminate or modify most of the restrictive covenants as well as various events of default and related provisions.

The offer is subject to a finance provision and is also contingent on the company receiving sufficient consents to effect the amendments to the indenture.

Morgan Stanley & Co. LLC (800-624-1808 or 212-761-1057) is the sole dealer manager for the tender offer and solicitation agent for the consent solicitation.

Unigel is a Brazilian commodity chemical producer.

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