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Brazils Votorantim Cimentos holders tender 122.2 million of 3Ό%, 3½% notes in offer
By Susanna Moon
Chicago, March 11 Votorantim Cimentos SA said investors had tendered 69.1 million principal amount, or 10.63%, of its 3Ό% notes due 2021 and 53.1 million principal amount, or 10.62%, of its 3½% notes due 2022.
Votorantim Cimentos will accept for purchase all of the notes tendered in the offer, according to a company announcement.
The tender offer ended at 11 a.m. ET on March 10.
After settlement on March 17, there will be left outstanding 579.55 million of the 3Ό% notes and 446.9 million of the 3½% notes.
As announced March 2, the company was tendering for up to 350 million principal amount of its 650 million of outstanding 3Ό% notes and its 500 million of outstanding 3½% notes.
The purchase price for each 1,000 principal amount is 730 for the 3Ό% notes and 675 for the 3½% notes.
The company also will pay accrued interest up to but excluding the settlement date.
The company said it received a R$141.6 million advance from the sale of its non-core investment in Sirama Participacoes, Administracao e Transportes Ltda. in December and a R$1 billion capital contribution from Votorantim SA in February. These proceeds will be used to fund the tender offer.
The offer was only made to holders who are not U.S. persons under Regulation S.
Banco Votorantim SA, Nassau Branch (+44 20 3713 4592 or henrique.catarino@banvor.co.uk), Banco Bradesco BBI SA (+44 207 382 0074 or gzraick@bradescosecurities.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), J.P. Morgan Securities plc (+44 207 134 2468 or emea_lm@jpmorgan.com) and Banco Santander, SA (+44 20 7756 6909 or tommaso.grospietro@santandergcb.com) are the dealer managers.
D.F. King Ltd. (+44 20 7920-9700, +852 3953 7230, VotoCim@dfkingltd.com or sites.dfkingltd.com/VotoCim) is the information agent.
Votorantim Cimentos is a cement company based in Sao Paulo.
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