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Votorantim Cimentos tenders, seeks consents for €750 million 5¼% notes
By Susanna Moon
Chicago, April 9 - Votorantim Cimentos SA said it began a cash tender offer and consent solicitation for 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 company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, as well as various events of default.
The tender offer will end at 2 a.m. ET on April 16.
The offer payment will be €1,106.25 for each €1,000 principal amount of notes. The payment includes a consent payment equal to €30.00 for each €1,000 principal amount.
The company also will pay accrued interest to but excluding the settlement date.
The proposed amendments require the consents from holders of a majority of the outstanding notes.
Holders who tender their notes will also be providing consents.
The consent solicitation will be terminated if the required consents are not obtained.
D.F. King & Co., Inc. (+44 20 7920-9700 collect, 800 967- 4604 or 212 269-5550 collect or email voto@dfking.com) is 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) are the dealer managers.
Votorantim Cimentos is a cement company based in Sao Paulo.
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