By Susanna Moon
Chicago, Feb. 7 – Pesquera Exalmar SA said holders had tendered for exchange $60,922,000 principal amount, or about 35.84%, of its $170 million 7 3/8% senior notes due 2020 in the offer that ended at 11:59 p.m. ET on Feb. 6.
In exchange, the company was offering new 8% senior notes due 2025.
For each $1,000 of notes exchanged, holders will receive $1,000 principal amount of new notes and $18.40 in cash, with settlement set for Feb. 9.
As announced Jan. 24, the interest rate of the new notes was amended to reflect an increase of 37.5 basis points from the rate of 7 5/8% initially offered, following further discussions with noteholders.
The company also increased the cash payment being offered to $18.40 for each $1,000 principal amount, up $8.40 from $10.00.
Finally, the company also decided to waive the majority tender condition.
The company said on Jan. 9 that it extended the early deadline to coincide with the end of the offer at 11:59 p.m. ET on Jan. 23.
The company originally said on Dec. 22 that the early premium would be offered only to holders who exchanged their notes by the early deadline of 5 p.m. ET on Jan. 8.
After that, the company had planned to issue $970 of new notes with no cash payment.
The exchange offer was extended from 11:59 p.m. ET on Jan. 23.
The company was soliciting consents to some amendments to the note indenture to eliminate substantially all of the restrictive covenants and certain events of default and related provisions.
Pesquera Exalmar failed to receive the needed consents to amend the notes, according to a press release.
D.F. King & Co., Inc. (877 283-0318 or 212 269-5550) is acting as information agent and exchange agent. Pesquera Exalmar is a San Isidro, Peru, fish company.
New notes
| Issuer: | Pesquera Exalmar SA
|
| Issue: | Senior notes
|
| Amount: | $60,922,000
|
| Maturity: | 2025
|
| Coupon: | 8%
|
| Settlement date: | Feb. 9
|
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