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Paraguay’s Frigorifico begins tender, seeks consents for 10¼% notes due 2025
By Rebecca Melvin
Concord, N.H., June 22 – Frigorifico Concepcion SA is offering to purchase for cash any and all of its $161 million outstanding 10¼% senior secured notes due 2025 (Cusips: 358649AB7, 358649AA9; P40568BW9 P40568CH1), according to a news release.
The company is also soliciting consents to amend the terms of the bonds to release the notes’ collateral for the benefit of holders of new notes.
The purchase price under the June 21 tender offer is $1,120 per $1,000 bond if the notes are tendered prior to 5 p.m. ET on July 2, which is the early tender deadline. The notes will be purchased for $1,090 per $1,000 bond if they are tendered after the early deadline.
The offer expires at 11:59 p.m. ET on July 19.
Holders may not tender their notes without also delivering their consent to the proposed amendments and vice versa. Consents must be received in respect of at least 90% of the notes for the amendments to be approved.
The purpose of the offer is to reduce or fully refinance the company’s outstanding debt under the notes.
BofA Securities (888-292-0070, 646 855-8988) is acting as dealer manager of the tender offer, and Global Bondholder Services Corp. (866 470-3700, 212 430-3774 or contact@gbsc-usa.com) is the information agent and depositary.
The meat processing company is based in Concepcion, Paraguay.
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