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Brazil's Imcopa wraps successful 10 3/8% notes consent solicitation
By Jennifer Chiou
New York, Nov. 11 - Imcopa Importacao, Exportacao Industria e Oleos SA and subsidiary Imcopa International Cayman Ltd. announced the receipt of the needed consents from the holders of Imcopa International's $100 million of 10 3/8% notes due 2009.
In order to make the proposed changes, holders of at least 75% of the notes had to attend the bondholders' meeting in person or by proxy and consents were needed from holders of at least 75% of the notes. In all, holders of 98.9% of the notes were present and, of those holders, consents representing 99.78% of the notes were received.
The companies were 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 was 10 a.m. ET on Nov. 6, and a noteholder meeting was held in London on Tuesday. The solicitation began on Oct. 19.
Noteholders were 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.
As already noted, Imcopa was 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 was aiming to gain more time to finalize an agreement with its bank creditors.
The solicitation agent was 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 was 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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