Argentina’s Arcos Dorados tenders for up to $80 million 6 5/8% notes

By Wendy Van Sickle

Columbus, Ohio, June 1 – Arcos Dorados Holdings Inc. began a cash tender offer for up to $80 million of its $473,767,000 of outstanding 6 5/8% senior notes due 2023, according to a press release.

The company is offering a total consideration of $1,010 for each $1,000 principal amount of notes tendered by the early deadline, 5 p.m. ET on June 14.

Holders may withdraw their notes any time up to the early tender deadline.

The total consideration includes a $30 early tender payment. The company will also pay accrued interest.

The offer expires at 11:59 ET on June 28.

If the maximum tender amount is exceeded, notes will be accepted on a pro rata basis, and if the tender cap is exceeded by the early deadline, notes tendered after the early deadline may not be accepted unless the company opts to increase the cap.

Bank of America Merrill Lynch (646 855-8988 or 888 292-0070) and Santander Investment Securities Inc. (212 940-1442 or 855 404-3636) are acting as dealer managers.

D. F. King & Co., Inc. (212 269-5550, 877 864-5060 or arcosdorados@dfking.com) is the information and tender agent.

Arcos Dorados is a Buenos Aires-based franchisee of McDonald’s restaurants.

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