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Ultrapar starts fast tender offer all 2026 notes, also 2029 notes
Chicago, April 7 – Brazil’s Ultrapar International SA started a quick-turnaround cash tender offer for one series and a capped tender offer for a second series, according to a press release.
The company is offering to buy any and all of the $550,003,000 outstanding 5¼% notes due 2026 (Cusips: 90401CAA7, L9412AAA5) for $1,027.50 per $1,000 note.
The offer for the 2026 notes expires at 5 p.m. ET on April 13. Settlement is expected for April 14.
Tendering via guaranteed delivery procedures is an option.
Additionally, Ultrapar is offering to buy from its series of $850 million outstanding 5¼% notes due 2029 (Cusips: 90401CAC3, L9412AAB3). The amount the company will purchase will depend on the amount of notes tendered for the 2026 notes. The maximum amount will be determined by subtracting the amount of 2026 notes tendered from a possible $550,003,000 of notes.
The consideration for the 2029 notes will be $1,001.25 per $1,000 note, inclusive of a $30 early tender payment that will only be paid to noteholders who tender their notes by the early deadline.
The early tender deadline is 5 p.m. ET on April 20, also the withdrawal deadline.
Early settlement is planned for April 22.
The expiration of the offer for the 2029 notes is 11:59 p.m. ET on May 4.
Tenders for the 2029 notes may be prorated.
Final settlement is scheduled for May 6.
Interest to each of the applicable settlement dates will be paid in additional to the total considerations.
The dealer managers for the tender offers are Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452) and J.P. Morgan Securities LLC (866 846-2874, 212 834-7279).
D.F. King & Co., Inc is the information and tender agent for the offer (212 269-5550, 800 859-8509, Ultrapar@dfking.com).
Ultrapar is a Luxembourg-based subsidiary of Ultrapar Participacoes SA, a Sao Paulo-based petrochemicals company.
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