Argentina’s Clisa gets tenders for $69.5 million of 11½% notes so far

By Angela McDaniels

Tacoma, Wash., July 15 – Compania Latinoamericana de Infraestructura & Servicios SA (Clisa) had received tenders for $69,504,852 principal amount, or 79.79%, of its 11½% series 4 notes due 2019 as of noon ET on July 13, according to a company news release.

The holders of an additional $12,366,000 principal amount, or 14.2%, of the notes had submitted consents without tendering their notes as of that time.

As previously reported, the company began a tender offer and consent solicitation for any and all of the $87,106,000 notes, which are guaranteed by Cliba Ingenieria Ambiental SA and Benito Roggio e Hijos SA.

The offer began June 29 and will expire at 11:59 p.m. ET on July 28.

Clisa is soliciting consents from noteholders to proposed amendments to the terms and conditions of the notes. If adopted, the amendments would make the covenants of the existing notes consistent with the covenants of Clisa’s new $200 million 9¾% senior notes due 2023.

Holders who tender their notes must also deliver their consents to the proposed amendments. However, holders may deliver consents without tendering their notes.

Holders who tendered their notes by noon ET on July 13 will be entitled to receive the total consideration of $1,100 per $1,000 principal amount. The total consideration includes a $35 early tender premium.

Holders tendering after the early deadline will be eligible to receive an amount equal to the total consideration less the early tender premium, or $1,065 per $1,000 principal amount.

In addition, the company will pay accrued interest up to but excluding the settlement date, which is expected to be Aug. 5.

Holders who submitted a consent only instruction will receive an early consent premium of $5 per $1,000 principal amount.

The tender offer and consent solicitation are subject to a financing condition. The receipt of necessary consents to amend the notes is not a condition to the tender offer.

The amendments require the votes from holders of more than 50% of the outstanding principal amount of notes represented at a noteholders’ meeting.

BCP Securities, LLC (203 629-2181) and Santander Investment Securities Inc. (212 940-1442 or 855 404-3636) are the dealer managers and solicitation agents, with Banco Santander Rio SA (+54 11 4341 1033) acting as the Argentine dealer and solicitation agent. D.F. King & Co. Inc. (clisa@dfkingltd.com or +44 20 7920 9700) is the information and tender agent.

Clisa is a Buenos Aires-based infrastructure manager and developer.

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