Brazil's Independencia gets needed consents for two series of 9 7/8% notes

By Jennifer Chiou

New York, Feb. 4 - Independencia SA announced the receipt of the needed consents for wholly owned finance subsidiary Independencia International Ltd.'s 9 7/8% notes due 2015 and 9 7/8% notes due 2017.

The 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 was seeking consents from holders of a majority of the notes.

The company said it will promptly enter into supplemental indentures.

As of the consent deadline of 5 p.m. ET on Feb. 3, $79.1 million and $53.5 million of the 2015 notes and the 2017 notes, respectively, were tendered for purchase in the tender offer, while consents relating to $168.6 million and $104.8 million of the 2015 notes and the 2017 notes, respectively, were delivered in the consent solicitation without the related notes being tendered.

As a result, the company said it received consents representing $247.7 million of the 2015 notes and $158.3 million of the 2017 notes.

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 tendered 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.

© 2015 Prospect News.
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