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St. Marys Cement receives $261.3 million in tenders for 5¾% notes
By Mary-Katherine Stinson
Lexington, Ky., April 2 – Votorantim Cimentos SA announced the results of subsidiary St. Marys Cement Inc.’s cash tender offer for any and all of its $500 million outstanding 5¾% notes due 2027 (Cusips: 78478EAA6, C86068AA8) guaranteed by Votorantim, according to a press release.
The company received and accepted tenders for $261,303,000 in total principal amount of 2027 notes. Additionally, $850,000 in total principal amount of 2027 notes were tendered via guaranteed delivery procedures.
In total, approximately 52% of the outstanding notes were tendered.
As previously reported, the company will purchase the notes at $1,010 per $1,000 principal amount.
The company will also pay accrued interest.
The offer expired at 5 p.m. ET on April 1. Settlement is planned for April 4.
After settlement, $238,697,000 is expected to remain outstanding.
The offer was not conditioned on any minimum amount being tendered but was subject to a new debt financing condition.
The current outstanding principal amount included $41.5 million held by Votorantim Cimentos Internacional SA.
The dealer managers for the tender offer were Banco Bradesco BBI SA (+55 (11) 2169-4528), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Goldman Sachs & Co. LLC at (800 828-3182), Itau BBA USA Securities, Inc. at (888 770-4828 or 212 710-6749), MUFG Securities Americas Inc. (877 744-4532 or 212 405-7481), Santander US Capital Markets LLC (855 404-3636 or 212 350 0660) and UBS Securities LLC (833 690-0971 or 212 882-5723).
D.F. King & Co., Inc. (www.dfking.com/vcimentos; 800 515-4479 or 212 269-5550; vcimentos@dfking.com) was the tender agent and information agent.
The cement company is based in Sao Paulo, Brazil.
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