Mexico’s Alpek accepts $315.97 million tenders of notes due 2022

By Taylor Fox

New York, Feb. 23 – Alpek, SAB de CV announced the final results of its offer to purchase for cash any and all $650 million outstanding 4˝% senior notes due 2022 (Cusips: 020564AAB, PO1703AAB), according to a news release.

As of the 8 a.m. ET Feb. 23 expiration time, $315,972,000 of the notes had been tendered and accepted for purchase.

As previously reported, noteholders who tender their notes will receive $1,067.90 per $1,000 of notes plus interest.

The total payment at settlement is expected to be approximately $341.2 million.

The offer was conditioned upon the satisfaction or waiver of certain conditions including the entry by Alpek prior to the expiration time into a purchase agreement in connection with a concurrent offering of dollar-denominated notes by Alpek and the successful closing of the new notes offering and receipt of sufficient funds from the new notes offering, together with available cash on hand and/or borrowings under available lines of credit, to finance the purchase of the notes tendered and accepted under the tender offer.

The settlement date is expected to be Feb. 26.

Global Bondholder Services Corp. (212 430-3774, 866 470-3700; contact@gbsc-usa.com) is the tender agent and information agent.

BofA Securities, Inc. (888 292-0070, 646 855-8988), Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) and J.P. Morgan Securities LLC (866 846-2874, 212 834-7279) are the dealer managers.

Alpek is a petrochemical company based in San Pedro Garza Garcia, Mexico.

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