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Votorantim Cimentos gets tenders, consents for 59.53% of 5¼% notes
By Susanna Moon
Chicago, April 17 - Brazil's Votorantim Cimentos SA said investors had tendered €446,495,000 principal amount, or about 59.53%, of its €750 million of outstanding 5¼% senior notes due 2017.
The notes are unconditionally guaranteed by Votorantim Participacoes SA and Companhia Brasileira de Aluminio with liability under their respective guarantees of 100% and 50%, respectively.
The tender offer ended at 2 a.m. ET on April 16. The offer began April 9.
As previously announced, the purchase price is €1,106.25 for each €1,000 principal amount of notes, which includes a consent payment of €30.00 for each €1,000 principal amount.
Holders also will receive accrued interest to but excluding the settlement date.
The company also solicited consents to amend the notes to eliminate substantially all of the restrictive covenants, as well as various events of default.
The proposed amendments required the consents from holders of a majority of the outstanding notes.
Holders who tendered their notes also were providing consents.
The consent solicitation would have been terminated if the required consents were not obtained.
As previously reported, the company sold €650 million of 3¼% notes due 2021 at 98.672 to yield 3.467% on April 16.
D.F. King & Co., Inc. (+44 20 7920-9700 collect, 800 967- 4604 or 212 269-5550 collect or email voto@dfking.com) was the information agent.
Citigroup Global Markets Inc. (+44 20 7986-8969 collect, 800 558-3745 or 212 723-6106 collect), HSBC Bank plc (+44 20 7992-6237, 888 HSBC-4LM or 212 525-5552 collect), Banco Santander, SA (+44 20 7756-6909 collect or +44 20 7756-7202 collect), BB Securities Ltd. (+44 20 7367-5832 collect), Banco Votorantim SA, Nassau Branch (212 339-7431 collect) and Banco Bradesco BBI SA (212 888-9145 collect) were the dealer managers.
Votorantim Cimentos is a cement company based in Sao Paulo.
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