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Nautilus tender offer oversubscribed by early deadline, ups maximum
By Mary-Katherine Stinson
Lexington, Ky., Sept. 2 – Nautilus Inkia Holdings SCS (formerly known as Nautilus Inkia Holdings LLC), Nautilus Distribution Holdings LLC and Nautilus Isthmus Holdings LLC announced the early results for its oversubscribed cash tender offer for the issuers’ 5 7/8% senior notes due 2027 (Cusip: 45721RAC7) and increased the maximum acceptance amount, according to a press release.
The maximum tender amount was increased to $225 million, increased from a capped $200 million total purchase price of the notes.
As of the early tender date, $478,489,000 total principal amount, or approximately 79.7% of the notes, were tendered with approximately $227.3 million were accepted for purchase.
The notes were accepted on a prorated basis subject to a proration factor of approximately 43.3% due to the cap being exceeded.
As previously reported, the total consideration offered is $990 per $1,000 note, inclusive of a $50 early tender premium that would not have been paid to noteholders who tendered their notes after the early deadline.
Unpaid interest will also be paid to the applicable settlement date.
The early deadline was 5 p.m. ET on Sept. 1. This was also the withdrawal deadline.
The offer was scheduled to expire at 11:59 p.m. ET on Sept. 16 and final settlement was scheduled for Sept. 20.
However, since the cap was exceeded, no notes will be accepted for purchase after the early tender deadline.
Early settlement is expected for Sept. 7.
Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147), Santander Investment Securities Inc. (855 404-3636, 212 940-1442) and SMBC Nikko Securities America, Inc. (888 284-9760, 212 224-5328) are the dealer managers.
D.F. King & Co., Inc is the information and tender agent for the offer (866 864-4943, 212 269-5550, inkia@dfking.com).
Based in Lima, Peru, Inkia is a power generation and distribution company with facilities in Latin America and the Caribbean.
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