Pesquera Exalmar extends early deadline, says solicitation successful

Chicago, June 7 – Peru’s Pesquera Exalmar SA gave an update regarding the early tender offer results for its 8% senior notes due 2025 (Cusips: 715795AB6 and P7744AAB2) and announced the receipt of required consents for the notes, according to a press release on Monday.

The company also extended the early expiration time in the ongoing offer for the $60,922,000 of outstanding notes.

As of the early deadline at 5 p.m. ET on June 4, the company received tenders for $35.83 million, or 58.85%, of the outstanding notes.

The company has also received sufficient consents to amend the notes and accordingly has executed a supplemental indenture. The company was soliciting consents from noteholders to eliminate substantially all of the restrictive covenants and some events of default and related provisions contained in the indenture.

The early expiration time has been extended to 11:59 p.m. ET on June 18.

This means that tendering noteholders will continue to be eligible to receive $1,000 per $1,000 principal amount, which includes a $30 early tender payment.

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

The offer is still subject to some 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.

Notes that have been tendered may no longer be withdrawn.

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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