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InterCement exchange, consent solicitation conditions not met
Chicago, July 23 – Brazil’s InterCement Participacoes SA’s wholly owned subsidiary, InterCement Financial Operations BV, announced the expiration and results of its exchange offer for any and all of its 5¾% senior notes due 2024 for newly issued 7%/8½% senior secured PIK toggle notes due 2027.
The conditions for the exchange were not satisfied, and the exchange offer and consent solicitation will not be consummated.
The offer expired at 11:59 p.m. ET on July 22, extended from 5 p.m. ET on July 8.
Concurrently with the exchange offer, the company was soliciting consents to some proposed amendments to the indenture governing the existing notes that would eliminate substantially all of the restrictive covenants and some events of default and related provisions.
The exchange offer and consent solicitation were conditioned on the tender of at least 85% of the aggregate principal amount of the outstanding existing notes.
The company said the main purpose of the exchange offer and consent solicitation was to gain flexibility to overcome the current economic downturn, to achieve its overall objectives and to improve its capital structure and liquidity position by extending the maturity profile of the existing notes.
Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057), BB Securities Ltd. (+44 20 7367 5800), Banco Bradesco BBI SA (347 703-8159) and Itau BBA USA Securities, Inc. (212 710-6781/6799) were dealer managers and solicitation agents for the Rule 144A and Regulation S exchange offer and consent solicitation.
D.F. King & Co., Inc. (212 269-5550 or 800 370-1749, www.dfking.com/intercement) is the information and exchange agent.
The construction materials company is based in Sao Paulo.
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