Brazil’s Rede D’Or tender offer 2.5-times oversubscribed at early date

By Mary-Katherine Stinson

Lexington, Ky., Oct. 21 – Rede D’Or Sao Luiz SA subsidiary Rede D’or Finance Sarl reports that noteholders tendered $359,879,000 of its outstanding 4½% guaranteed notes due 2030 (Cusips: 75735GAA6, L7915TAA0) by the early tender deadline, exceeding the maximum amount, according to a company press release.

Noteholders who have validly tendered their notes and not withdrawn them will be paid on a prorated basis subject to the $135 million maximum tender amount.

The company originally offered to pay $1,006.25 per $1,000 note, an amount that included a $30 early tender premium for noteholders who tendered by the early deadline. Interest will also be paid to the settlement date.

The early deadline was 5 p.m. ET on Oct. 20. Withdrawal rights have expired.

The company has elected to have an early settlement date of Oct. 22.

As the maximum tender amount was exceeded, the company does not expect to purchase any notes after the early deadline unless the company raises the maximum tender amount.

The offer expires at 11:59 p.m. ET on Nov. 3.

Itau BBA USA Securities, Inc. (888 770-4828, 212 710-6749) and J.P. Morgan Securities LLC (866 846-2874, 212 834-4533) are the dealer managers for the offer.

D.F. King & Co., Inc. is the information and tender agent for the offer (866 356-7813, 212 269-5550, rdsl@dfking.com).

San Paulo-based Rede D’Or is a hospital owner and operator.

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