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Frigorifico gets early tenders for 95.16% of 10¼% notes due 2025
By Rebecca Melvin
Concord, N.H., July 6 – Frigorifico Concepcion SA announced the early result of its June 21 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.
As of 5 p.m. ET on July 2, holders had tendered $153.2 million of the notes, or 95.16% of the principal amount outstanding.
The offer expires at 11:59 p.m. ET on July 19.
As previously reported, the purchase price is $1,120 per $1,000 bond for valid tenders prior to the early deadline. The price is $1,090 per $1,000 bond for valid tenders after the early deadline.
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.
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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