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Brazil's Imcopa begins consent solicitation for 10 3/8% notes due 2009
By Angela McDaniels
Tacoma, Wash., Oct. 19 - Imcopa Importacao, Exportacao Industria e Oleos SA and subsidiary Imcopa International Cayman Ltd. are soliciting consents from the holders of Imcopa International's $100 million 10 3/8% notes due 2009, according to a company news release.
The companies are seeking the consent of noteholders to:
• Extend the maturity date of the notes to May 10, 2010;
• Cancel the interest payment due on Nov. 27; and
• Waive compliance with various covenants governing the notes.
The deadline for submitting voting instructions is 10 a.m. ET on Nov. 6, and a noteholder meeting will be held in London on Nov. 10.
Noteholders are being offered a consent payment of $46.98 per $1,000 principal amount of notes. The payment is equivalent to the interest that would have accrued on each note from May 27, the date of the last interest payment, up to but excluding the date of the meeting.
The notes will accrue interest at their current rate from the date of the noteholder meeting until maturity.
In order to make the proposed changes, holders of at least 75% of the notes must attend the meeting in person or by proxy and consents are needed from holders of at least 75% of the notes.
Imcopa is working on a restructuring plan with financial adviser Deloitte Touche Tohmatsu that could include accessing additional financing through new bank lines of credit and/or securities issuances and the extension of current debt maturities.
Through the consent solicitation, the company is aiming to gain more time to finalize an agreement with its bank creditors.
The solicitation agent is HSBC Securities (USA) Inc. (888 HSBC 4LM, 212 525-5552, +44 20 7991 587 or liability.management@hsbcib.com), and the information and tabulation agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or imcopa@lucid-is.com).
Imcopa makes soybean products and is based in Araucaria, Brazil.
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