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Olam holders tender $175.9 million 6% convertibles in extended offer
By Susanna Moon
Chicago, Jan. 11 – Olam International Ltd. said holders had tendered $175.9 million of 6% convertible bonds due 2016 in the extended tender offer that ended 7 a.m. ET on Jan. 8.
Olam will pay $182,906,683.33 to settle the tenders on Jan. 14, which is 102.5% of par, or $180,297,500, plus accrued interest to the payment date, according to a Monday press release.
Afterward, there will be $54.6 million of the bonds left outstanding.
The company said it may buy back more of the bonds through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise. If the company buys back more than $4.6 million principal amount of the convertibles, it will have the option to redeem the remaining outstanding bonds in whole but not in part at par plus accrued interest.
If the company chooses to make the cleanup call, it will give 30 to 60 days' notice.
As announced Dec. 21, the extended offer followed a tender offer that ran from Dec. 9 and expired on Dec. 18.
The extended offer was made to bondholders who offered to tender their bonds at a price above the clearing price of 102.5 in the offer that ended Dec. 18 and those who did not participate in the offer. The repurchase price was a fixed tender price equal to the clearing price of the previous offer.
Holders had tendered $483.8 million of the 6% convertibles in the previous offer, and the company said it would accept $269.5 million of the bonds for repurchase.
The total payment was $279,291,833.33 in the previous offer, with settlement on Dec. 23.
Olam is a food processing company based in Singapore.
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