Brazil's Independencia tenders for two series of 9 7/8% notes

By Jennifer Chiou

New York, Jan. 21 - Independencia SA announced that its wholly owned finance subsidiary, Independencia International Ltd., began a tender offer and consent solicitation for its 9 7/8% notes due 2015 and its 9 7/8% notes due 2017.

The proposed amendments to the note indentures will modify the covenant regarding the limitation on incurrence of additional debt and the provision regarding the repurchase of notes upon a change of control.

The company is seeking consents from holders of a majority of the notes.

The consent deadline is 5 p.m. ET on Feb. 3.

In the tender, the company is offering to purchase up to $144.38 million of the notes, including a cap of $61.88 million of the $224 million of 9 7/8% notes due 2017 as well as a maximum of $82.5 million of the $300 million of 9 7/8% notes due 2015.

The tender deadline is 11:59 p.m. ET on Feb. 18.

For each $1,000 principal amount, the company is offering $660 for each series of notes, including a $30 consent payment for those who tender by the early deadline.

The Bank of New York Mellon is the depositary. D.F. King & Co. Inc. (800 488-8035 or call collect 212 269-5550) is the information agent. Contact dealer managers Santander Investment (212 407-0995) and Citi (800 558-3745 or call collect 212 723-6108) with questions.

Independencia is a Jordanesia, Brazil-based and Cayman Islands-incorporated beef producer.

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