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InRetail Pharma begins offer, consent solicitation for 5 3/8% notes
By Taylor Fox
New York, March 8 – InRetail Pharma, SA commenced a cash tender offer and consent solicitation for any and all of its $400 million outstanding 5 3/8% senior notes due 2023 (Cusip: 45782MAA8), according to a news release.
The company is soliciting consent to proposed amendments to the notes to eliminate substantially all of the restrictive covenants and certain events of default and reduce the minimum notice period required for optional redemptions of the notes to three days, among other things.
Holders who tender notes prior to the 5 p.m. ET March 19 early tender time will be eligible to receive a total consideration of $1,032.03 per $1,000 of notes including a consent payment of $30 per $1,000 of notes.
Holders who tender notes after the early participation date, but before the expiration date will be eligible to receive $1,002.03 per $1,000 of notes tendered and accepted.
The company will also pay interest.
Holders may not tender notes without delivering consent to the proposed amendments.
The early settlement date is expected to occur March 23.
The notes may be withdrawn at any time prior to the expiration time.
The offer will expire at 11:59 p.m. ET April 5.
The final settlement date is expected for April 6.
Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are dealer managers and solicitation agents.
D.F. King & Co., Inc. (212 269-5550, 866 796-1271; inretail@dfking.com) is the information agent and depositary.
InRetail Pharma is a pharmacy operator based in Lima, Peru.
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