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General Shopping raises price in tender for $90 million of 10% notes
New York, July 25 – General Shopping e Outlets do Brasil SA said wholly owned subsidiary GS Finance II Ltd. increased the purchase price in its tender offer for up to $90 million of General Shopping Finance Ltd.’s $164.2 million of outstanding 10% perpetual notes.
The amount on offer is now $1,000 per $1,000 principal amount, increased from $950 per $1,000 previously, according to a news release.
General Shopping also eliminated the tender deadline. As a result, all holders who participate will receive the same amount, regardless of when they submit their notes for purchase.
The company began the tender on July 11.
Originally the total purchase price only of $950 for each $1,000 principal amount only applied to notes tendered by 5 p.m. ET on July 24, the early tender date.
Those who tendered after the early deadline would have received the tender offer payment of $930 per $1,000 principal amount of notes.
The company also will pay accrued interest to but excluding the settlement date.
The tender offer will end at 11:59 p.m. ET on Aug. 7.
As first announced, tendered notes could be withdrawn by the early tender date. As amended, the withdrawal deadline is 5 p.m. ET on Aug. 7.
The tender offer is subject to a financing condition and a $60 million minimum tender condition.
Settlement for all notes is expected to occur about two business days after completion of the offer.
BofA Merrill Lynch (800 292-0070 of 646 855-8988) and Itau BBA USA Securities, Inc. (888 770-4828 or 212 710-6749) are the dealer managers.
D.F. King & Co., Inc. (212 269-5550 or 866 751-6310) is the tender and information agent.
General Shopping is based in Sao Paulo and operates shopping malls.
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