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Intcomex wraps offer early after holders tender nearly all 11¾% notes
By Angela McDaniels
Tacoma, Wash., Dec. 23 - Intcomex, Inc. said it purchased the $80,370,911 principal amount of 11¾% second-priority senior secured notes due 2011 that had been tendered as of 5 p.m. ET on Dec. 21, which was the consent time in a tender offer that began Dec. 8.
The purchased notes represent approximately 98.3% of the outstanding principal amount of notes, excluding the notes held by some of Intcomex's shareholders and their affiliates.
The holders received $1,007.50 for each $1,000 principal amount of notes plus accrued interest up to but excluding the early settlement date, which was Dec. 22. This payment included a consent fee of $30.00 per note.
The notes that were not tendered in the offer prior to the early settlement date will be redeemed on Jan. 15, according to a company news release.
Intcomex financed the tender offer with the proceeds of a $120 million issue of 13¼% second-priority senior secured notes due 2014.
The tender offer had been scheduled to expire at 11:59 p.m. ET on Jan. 6.
The company also announced that some of its shareholders and affiliates received new shares of common stock in exchange for approximately $14.8 million of the notes, approximately $1.1 million consisting of accrued interest and a repurchase premium of $7.50 per $1,000 principal amount plus an additional capital contribution of approximately $4.1 million.
Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) was the dealer manager for tender offer, and D.F. King & Co., Inc. (212 269-5550) was the information agent.
Intcomex is a Miami-based distributor of computer information technology products focused on Latin America.
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