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Peru’s InRetail gets tenders for $275.03 million 8 7/8% notes so far
By Angela McDaniels
Tacoma, Wash., Oct. 6 – InRetail Consumer had received tenders for $275,033,000 principal amount of Intercorp Retail Trustee’s $300 million of outstanding 8 7/8% senior guaranteed notes due 2018 as of 5 p.m. ET on Oct. 3, according to a company news release.
A tender offer for the notes began on Sept. 22 and will end at 11:59 p.m. ET on Oct. 20. Oct. 3 was the early tender deadline.
As previously reported, InRetail is also soliciting consents to amend the note indenture.
Holders who tendered by the tender deadline will receive $1,160.99 per $1,000 principal amount, a figure that includes an early tender premium of $50.00 per $1,000.
InRetail expects to settle purchases of notes tendered by the early deadline on Oct. 10. The price will be increased by $0.25 per $1,000 principal amount for each day settlement is prolonged beyond Oct. 10.
Those who tender after the early deadline but before the offer expiration will receive $1,110.69 per $1,000. The settlement date for these notes is expected to be Oct. 22.
There will be no payment of accrued interest.
For the tender offer, InRetail is acting through its trustee, Internacional de Titulos Sociedad Titulizadora SA.
In order to make the changes requested in the consent solicitation, the company must receive valid tenders and consents for at least a majority of the notes, excluding any held by Intercorp and its affiliates.
The dealer manager and solicitation agent is Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The information and tender agent is D.F. King & Co., Inc. (800 549-6746 or, for banks and brokers, 212 269-5550, inretail@dfking.com).
InRetail Consumer is the pharmacy and supermarket division of Intercorp Peru, a conglomerate based in Lima, Peru.
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