Sanluis subsidiary extends consent bid for 8% notes, gets needed consents

By Susanna Moon

Chicago, Oct. 29 - Rep Uno, SA de CV, a subsidiary of Sanluis Corp., SAB de CV, said it extended the consent solicitation for the 8% guaranteed notes due 2010 issued by Sanluis Co-Inter SA, another subsidiary of Sanluis Corp.

The consent solicitation now ends at midnight ET on Nov. 6, rescheduled from noon ET on Oct. 26. It was previously pushed back from Oct. 23. A tender offer for the notes also expires at midnight ET on Nov. 6.

Rep Unos said it received the required consents from holders of the 8% notes. As of noon ET on Oct. 26, holders of 92% of the notes, or $42.575 million original principal amount, had tendered their notes and delivered the related consents.

Rep Uno said it expects the issuer to execute a supplemental indenture before the expiration date.

The company began the tender offer and consent bid on Oct. 10 for the 8% notes and for the 8 7/8% notes due 2008 and euro commercial paper notes issued by Sanluis Corp.

As previously announced, the payout for each $1,000 principal amount of 8% notes tendered before the consent deadline was increased on Oct. 24 to $1,353.20 from $1,250.34. That amount includes an early tender payment of $71.86. Investors also will receive accrued interest.

The payout for each $1,000 principal amount of 8 7/8% notes also was increased, to $780 from $450.

The payout for each $1,000 principal amount of euro commercial paper notes remains unchanged at $450.

Holders who already have tendered their notes do not need to take any action to receive the increased amount.

Rep Uno is seeking consents to eliminate substantially all of the restrictive covenants and some events of default from the 8% notes indenture.

Settlement of the offers is dependent on receipt of tenders and consents from holders of at least a majority of the notes.

The maximum amount that Rep Uno may need to pay to settle the offers will be $74.6 million, assuming a settlement date of Nov. 8.

Morgan Stanley & Co. Inc. (212 761-5384 or toll-free 800 624-1808) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866-873-5600) is the information agent.

Sanluis is a Mexico City-based auto parts manufacturer.

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