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Peru’s InRetail obtains tenders, consents for 87.81% of 6½% notes
New York, March 27 – InRetail Shopping Malls received tenders for $262,711,000, or 87.81%, of its $299,186,000 of outstanding 6½% senior notes due 2021 by the early tender date, according to a news release.
The same number of consents was also received, sufficient to amend the note indenture.
Completion of the offer is subjection to conditions including the sale of new senior notes. The note condition is expected to be satisfied when the company closes on the sale of 6.5625% senior notes due 2028 denominated in Peruvian soles that priced on Monday and a dollar-denominated sale that was expected to price on Tuesday.
Early settlement is planned for April 3.
InRetail announced the tender offer on March 14 and said it was also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and some events of default and to reduce the redemption notice required to three days.
The total purchase price will be $1,043 per $1,000 principal amount of notes tendered by 5 p.m. ET on March 26, the early tender and consent date.
The total amount includes a consent payment of $30 per $1,000 principal amount.
The issuer also will pay accrued interest to but excluding the settlement date.
Holders may not tender their notes without delivering their consents or vice versa.
The tender ends at 11:59 p.m. ET on April 10.
The company said it plans to issue a call for the remaining notes after the early settlement date.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (212 430-3774 or 866 470-4300) is the information agent and depositary.
InRetail is a shopping mall operator based in Lima, Peru.
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