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CFG provides final results from its tender offer for notes due 2032
Chicago, April 18 – CFG Investment SAC announced the final results of its tender offer for two notes due 2032 that was announced on March 13 and amended on April 3.
As previously reported, the company was offering to redeem or purchase up to $60 million principal amount of the notes, increased on April 3 from a previous cap of $40 million. The total potential maximum payment was $61,138,261, including the initial settlement amount. However, the company has now increased the maximum amount to $75,445,319.21.
The notes covered in the offer were the variable-rate senior secured notes due 2032 and the 10% second-lien notes due 2032 (ISINs: XS2550128271, XS2550128438).
The company announced on April 3 it had redeemed or purchased $8,337,632 of the senior secured notes for a redemption value of 135 and $32,800,629 principal amount of its second-lien notes at the clearing price of 80.
The results of only the extended offers, with an 11 a.m. ET on April 14 extended deadline, were:
• All $4,644,274.21 of the variable-rate senior secured notes tendered were accepted for purchase, again at 135; and
• $29,662,784 of the 10% second-lien notes were accepted from the $53,138,519 tendered, applying a proration factor of 55.82163%, at 80.
The amount excluded accrued and unpaid interest.
Settlement is expected for April 20.
After the settlement of the offer, the company and its subsidiaries are expected to have cash and cash equivalents of $43 million.
Kroll Issuer Services Ltd. (+44 20 7704 0880 or cfg@is.kroll.com) is the tender agent.
China Fishery is a Hong Kong-based manager and operator of fishing vessels for coastal and deep-sea industrial fishing. CFG is a company incorporated under the laws of Peru.
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