Pesquera Exalmar tenders for all $60.92 million 8% notes due 2025

By Wendy Van Sickle

Columbus, Ohio, May 21 – Peru’s Pesquera Exalmar SA began a cash tender offer and a consent solicitation for all of its $60,922,000 of 8% senior notes due 2025 (Cusips: 715795AB6 and P7744AAB2), according to a press release.

Under the consent bid, the company is also soliciting consents from noteholders to eliminate substantially all of the restrictive covenants and certain events of default and related provisions contained in the indenture.

The company is offering a total consideration of $1,000 per $1,000 principal amount, which includes a $30 early payment for holders who deliver their consents by the early deadline, 5 p.m. ET on June 4.

Holders may not deliver consents without tendering their notes, and holders who tender their notes will be deemed to have given their consents to the waiver.

The issuer will also pay accrued interest to but excluding the settlement date.

The tender offer and the consent solicitation are subject to certain conditions, including the funding of a new senior secured term loan facility and the receipt of consents to the waiver from a majority in aggregate principal amount of the notes, excluding those held by the company or its affiliates.

The offer expires at 11:59 p.m. ET on June 18.

Santander Investment Securities Inc. (855 404-3636 or 212 940-1442) is serving as the dealer manager for the tender offer and the solicitation agent for the consent solicitation. D.F. King & Co., Inc. (800 290-6424, 212 232-3233 or pesquera@dfking.com) is acting as information agent and depositary for the tender offer and the consent solicitation.

Pesquera Exalmar is a San Isidro, Peru, fish company.

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