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Mexico’s ICA wraps tender offer for 8 3/8% notes; no more purchased
By Susanna Moon
Chicago, June 12 – Empresas ICA, SAB de CV said holders had tendered $210,115,000 principal amount, or 60.03%, of its $350 million outstanding 8 3/8% senior notes due 2017 by the end of the offer at midnight ET on June 11.
Because the tender offer had been fully subscribed by the early tender offer, no more of the notes will be purchased under the offer and the company declined to further raise the tender offer cap, according to a company press release.
As previously noted, holders had tendered $209,865,000, or 59.96%, of the notes by 5 p.m. ET on May 28, the early tender deadline, and the company purchased $200 million of the tendered notes after lifting the tender cap.
The company said on May 29 that it raised the maximum purchase amount to $200 million from $150 million.
Because the amount of notes tendered by the early tender date exceeded the $200 million offer cap, the notes were accepted for purchase on a prorated basis.
The total purchase price was $1,067.50 for each $1,000 principal amount of notes tendered by the early tender deadline. The total amount includes an early tender payment of $30.00 per $1,000 principal amount.
Those tendering after the early deadline would have received $1,037.50 per $1,000 of notes accepted for purchase.
Holders also received accrued interest.
The offer was conditioned on the company selling at least $500 million of senior notes in a concurrent offering.
Empresas ICA priced $700 million of 8 7/8% senior notes due 2024 on May 21, as reported by Prospect News.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147 collect) and Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527 collect) were the dealer managers. D.F. King & Co., Inc. (800 549-6650 or 212 269-5550 collect for banks and brokers) was the tender agent and information agent.
Empresas ICA is a Mexico City-based construction company.
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