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Brazil's Imcopa starts new consent solicitation for 10 3/8% notes
By Jennifer Chiou
New York, May 11 - Imcopa Importacao, Exportacao Industria e Oleos SA announced the start of a consent solicitation for Imcopa International Cayman Ltd.'s $100 million of 10 3/8% notes originally due in 2009.
This consent bid will end at 10 a.m. ET on May 27.
Six months ago, the company and its subsidiary Imcopa International ended a successful solicitation under which holders authorized the extension of the maturity date of the notes to May 10, 2010, the cancellation of the interest payment due on Nov. 27 and the waiver of compliance with various covenants governing the notes.
In this solicitation, Imcopa is seeking consents to amend the note indenture to modify the terms with regards to interest payments, principal payments as well as to waive any existing default event.
Specifically, the company is seeking consent to skip the principal and interest payments that were due on May 10. The non-payment constitutes an event of default under the note indenture.
Those who give consent to the proposed resolutions will receive a consent fee of $25.94 per $1,000 principal amount, which is an amount equal to half of the interest that would have been due for the period from Nov. 10 through May 10.
The payment will be made seven days after the adoption of the proposed resolutions.
Imcopa said it is working with its creditors on a restructuring plan, adding that even if the solicitation is not successful, it plans to proceed with the restructuring.
In order to make the proposed changes, holders of at least 75% of the notes have to deliver consents.
A meeting will be held on June 1 in London.
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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