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Votorantim, Companhia Brasileira de Aluminio tender for 6 5/8% and 6¾% notes
By Jennifer Chiou
New York, March 10 - Votorantim Industrial SA announced the start of its cash tender offer for any and all of its $911.2 million of 6 5/8% senior notes due 2019, while Companhia Brasileira de Aluminio launched a cash offer for its $713.5 million of 6¾% senior notes due 2021.
The 6 5/8% notes are unconditionally guaranteed by Votorantim Participacoes SA, Votorantim Cimentos SA and Companhia Brasileira de Aluminio, and the 6¾% notes are unconditionally guaranteed by Votorantim Participacoes and Votorantim Cimentos.
Companhia Brasileira said it will purchase an amount of 6¾% notes equal to $1 billion less the amount of 6 5/8% notes purchased in the concurrent offer.
Votorantim and Companhia Brasileira are also soliciting consents to amend the note indentures to eliminate substantially all of the restrictive covenants as well as various events of default and related provisions. The companies are seeking consents from holders of a majority of each notes series.
For each $1,000 principal amount, Votorantim is offering $1,135 for the 6 5/8% notes and Companhia Brasileira will pay $1,127.50 for the 6¾% notes, both including a $30.00 early tender or consent payment for those who participate prior to 5 p.m. ET on March 21.
The companies will also pay accrued interest.
The offers will end at midnight ET on April 4.
D.F. King & Co., Inc. is the information agent (800 967-4604 or call collect 212 269-5550 or 44 207 920 9700; voto@dfking.com).
Citigroup Global Markets Inc. (800 558‑3745 or call collect 212 723‑6106), HSBC Securities (USA) Inc. (888 HSBC-4LM or call collect 212 525-5552), Banco Bradesco BBI SA (212 888-9145), Banco Votorantim Securities, Inc. (212 339-7390) and BB Securities Ltd. (44 207-367-5832) are the dealer managers.
Both companies are subsidiaries of Votorantim Participacoes, a mining, metals and paper group based in Sao Paulo.
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