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Chile’s Masisa buys $100 million of 9½% notes in oversubscribed tender
By Susanna Moon
Chicago, Feb. 4 – Masisa SA said investors had tendered $142.56 million, or about 48%, of its $300 million outstanding 9½% senior notes due 2019.
Masisa accepted for purchase $99,996,000 of the notes using a proration factor of about 63.3%, according to a company press release.
After the repurchase, $200,004,000 of the notes will remain outstanding.
As announced Jan. 6, the company was offering to purchase for cash up to $100 million of the notes.
Masisa said that it had received early tenders for $140.06 million, or about 46.69%, of the notes as of 5 p.m. ET on Jan. 20, the early tender date.
The total purchase price is $950 for each $1,000 principal amount of notes tendered by the early deadline, which includes a $50 early tender payment.
Those who tender after the early deadline would have received the total amount less the early premium.
The company will also pay accrued interest to but excluding the settlement date of Feb. 4.
The tender offer ended at 11:59 p.m. ET on Feb. 3.
J.P. Morgan Securities LLC (attn.: Latin America debt capital markets, 866 846-2874, 212 834-7279) and Scotia Capital (USA) Inc. (attn.: debt capital markets, 800 372-3930, 212 225-5714) are the dealer managers for the offer. D.F. King & Co., Inc. (banks and brokers 212 269-5550, all others 800 283-2170) is the information and tender agent.
Masisa is a Santiago, Chile-based producer of wood boards and other wood products.
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