Hidrovias gets $425.82 million tenders on offer for 5.95% notes

By Taylor Fox

New York, Feb. 3 – Hidrovias International Finance Sarl, a subsidiary of Hidrovias do Brasil SA, announced the early tender results on its tender offer for any and all of its $575.2 million outstanding 5.95% notes due 2025 (ISINs: US42953LAA08, USL48008AA19), according to a press release.

As of the 5 p.m. ET on Feb. 2 early tender date, $425,821,000 of the notes, or 74%, were tendered. The company expects to accept all the notes tendered.

In addition, because the company received the requisite consents as of the early tender date, the company expects to execute and deliver a supplemental indenture providing for the proposed amendments.

As previously reported, Hidrovias is offering $1,011.25 per $1,000 principal amount in the offer.

Early tendering noteholders will also receive an early tender payment of $50.00 for a total consideration of $1,061.25 per note.

The amendments to the notes will eliminate substantially all of the restrictive covenants and certain events of default and permit pricing and settlement of a financing transaction before the settlement date of the tender offer.

Should tendering noteholders also wish to subscribe for new notes of the proposed financing transaction, they can obtain an allocation identifier code to submit. Preference will not be given for tenders with allocation identifier codes.

Details

The early settlement date is expected for Feb. 9.

The tender offer and consent solicitation expire at 11:59 p.m. ET on Feb. 17.

D.F. King & Co., Inc. is the tender and information agent for tender offer and the consent solicitation (877 732 3617, hbsa@dfking.com).

Itau BBA USA Securities, Inc. (888 770-4828, 212 710-6749), J.P. Morgan Securities LLC (866 834-4666, 212 834-4087), BofA Securities, Inc. (888 292-0070, 646 855-8988, Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are dealer managers and solicitation agents in connection with the tender offer and consent solicitation.

Based in Sao Paulo, Brazil, Hidrovias is the largest inland waterway services company in Brazil.

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