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Published on 12/20/2010 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Mexico's Perforadora gets tenders for $55.95 million Tonala bonds

By Susanna Moon

Chicago, Dec. 20 - Exploraciones y Perforadora Central, SA de CV said it completed the tender offers for its outstanding Tonala series A and series B U.S. government-guaranteed export ship financing obligations notes at 5 p.m. ET on Dec. 17.

The company offered to purchase for cash its 5.24% fixed-rate ship series A notes due 2018 and its 4.92% fixed-rate ship series B notes due 2018.

Holders tendered $38,965,000 principal amount, or 89%, of the outstanding series A notes and $16,984,000 principal amount, or 75%, of the outstanding series B notes.

The total payment will be $1,140.79 per $1,000 principal amount of series A notes, multiplied by the scaling factor of 0.533503, and $1,127.96 per $1,000 principal amount of series B notes. The scaling factor reflects the fact that the series A notes are subject to principal amortization.

The total payment also will include accrued interest up to but excluding the settlement date.

Settlement was expected to occur on Dec. 20.

Pricing was set by the dealer manager based on the bid-side price of the 2 3/8% U.S. Treasury note due Feb. 28, 2015 plus 0 basis points at 2 p.m. ET on Dec. 16. The reference yield was 1.743%.

Citi (800 558-3745 or collect 212 723-6106) was the dealer manager. Global Bondholder Services Corp. (866 873-5600, banks and brokers call 212 430-3774) was the depositary and information agent.

Exploraciones y Perforadora is a Mexico City drilling contractor and owner of drilling rigs, vessels and related equipment, which primarily operate in Mexican territorial waters. The company acquired the jack up rig Tonala and assumed the notes in December 2007 from Perforadora Central, SA de CV.


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