Falabella gives early results, lifts cap in tender for 4 3/8% notes

By Rebecca Melvin

Concord, N.H., Oct. 19 – Chile’s Falabella SA announced early results of its Oct. 4 offer to purchase its 4 3/8% notes due 2025 (ISINs: US78386FAC05/ USP82290AG51) and increased the total amount of notes that it will accept, according to a company release on Tuesday.

As of 5 p.m. ET on Oct. 18, $191,039,000 principal amount of the 2025 notes had been validly tendered and not validly withdrawn. The company increased the maximum amount of notes it will tender to $191,039,000, representing all of the validly tendered notes, up from the original maximum amount of $150 million.

The total consideration being paid per $1,000 of notes is $1,085.00, including an early tender payment of $30. The aggregate purchase price is about $207.3 million. In addition, Falabella will pay accrued interest up to but excluding the Oct. 21 settlement date.

The company is also concluding a concurrent tender offer for its 3¾% notes due 2023, and the amount of notes together being purchased is $550 million.

As previously reported, the company received tenders for $307,601,000 of the 3¾% senior notes due 2023 and another $2 million tendered via notice of guaranteed delivery as of the Oct. 12 deadline.

The expiration dates were staggered so that the total amount available for tenders for the second series of notes could be determined before the offer ended.

The tender offer for the 2025 notes expires at 11:59 p.m. ET on Nov. 1 with a final settlement date of Nov. 4. But further notes will only be accepted at the company’s discretion.

D.F. King & Co., Inc. (800 669-5550, 212 269-5550, falabella@dfking.com) is the information agent and tender agent on the deal.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452) and J.P. Morgan Securities LLC (866 846-2874, 212 834-7279) are serving as the dealer managers.

Falabella is a retail company based in Santiago.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.