Simpar Europe announces results of tender offer for 7¾% notes due 2024

By Cady Vishniac

Detroit, Jan. 21 – Simpar SA finance subsidiary Simpar Europe has received valid tenders for $389,861,000 of its $625 million outstanding of its 7¾% notes due 2024 (ISINs: US46590PAB94, USL5800PAB87), according to a press release.

The company launched an offer to repurchase any and all of the notes for cash on Jan. 11, as previously reported.

The notes are guaranteed by Simpar.

The notes will be redeemed for $1,067.50 per $1,000 face amount of note plus interest to but excluding the redemption date.

The offer expired at 5 p.m. ET on Jan. 15. Validly tendered notes could be withdrawn up to the expiration deadline. The company expects to settle the offer on Jan. 22.

The redemption was conditional on the issuance of new notes, and holders who did not wish to be paid in cash were able to exchange their old notes for consideration consisting of the new issue.

The tender agent and information agent is D.F. King & Co., Inc. (866 620-2535, 212 269-5550, jsl@dfking.com).

The dealer managers are Banco BTG Pactual S.A. – Cayman Branch (212 293-4600), J.P. Morgan Securities LLC (866 834-4666, 212 834-3424), Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057), Santander Investment Securities Inc. (855 404-3636, 212 940-1442) and UBS Securities LLC (888 719-4210, 203 719-4210).

Simpar is a Sao-Paulo based holding company with subsidiaries operating in the insurance, freight, vehicle trade and property management sectors. Simpar Europe is its Luxembourg-based finance subsidiary.

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