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Published on 7/11/2016 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Peru’s Pesquera Exalmar tenders for $101 million 7.375% notes due 2020

By Wendy Van Sickle

Columbus, Ohio, July 11 – Pesquera Exalmar SA began a tender offer for up to $101 million of its $200 million of 7.375% senior notes due 2020, according to a Monday press release.

In conjunction with the tender offer, the company is also soliciting consents from noteholders to seek a one-time waiver of certain provisions of the note indenture to allow the company to enter into a new senior secured term loan facility for up to $55 million and/or other sources of debt financing, not to exceed $80 million in total.

The company is offering a total consideration of $810 per $1,000 principal amount, which includes a $5 consent payment and a $40 early payment for holders who deliver their consents by the early deadline, 5 p.m. ET on July 22.

Holders may deliver consents without tendering their notes, and holders who tender their notes will be deemed to have given their consents to the waiver. The deadline to deliver consents only is also 5 p.m. ET on July 22.

Holders who tender their notes after the early deadline will receive $765 per $1,000 principal amount, reflecting the total consideration less the $40 early payment and the $5 consent fee.

The issuer will also pay accrued interest to but excluding the settlement date.

The tender offer and the consent solicitation are subject to certain conditions, including the funding of the new senior secured term loan facility and the receipt of consents to the waiver from a majority in aggregate principal amount of the notes.

The offer expires at 11:59 p.m. ET on Aug. 5.

Santander Investment Securities Inc. (855 404-3636 or 212 940-1442) is serving as the dealer manager for the tender offer and the solicitation agent for the consent solicitation. D.F. King & Co., Inc. (866 387-7321, 212 269-5550 or pesquera@dfking.com) is acting as information agent and depositary for the tender offer and the consent solicitation.

Pesquera Exalmar is a San Isidro, Peru, fish company.


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