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InRetail Pharma announces early tender, consents solicitation results
Chicago, March 19 – InRetail Pharma, SA gave the early results for its 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.
As of the early tender and consent date, 5 p.m. ET on March 19, noteholders had tendered $340,315,000, or 85.08%, of the outstanding notes.
Additionally, the company received consents sufficient to effect all of the proposed amendments to the indenture governing the notes.
The company was soliciting consent for 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 tendered notes prior to the early tender time are 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 were not able to tender notes without delivering consent to the proposed amendments.
The early settlement date is expected to occur March 23.
The offer will expire at 11:59 p.m. ET April 5.
The final settlement date is expected for April 6.
The offer was subject to a financing condition. InRetail sold an offering of 3¼% senior secured notes due 2028 that price on March 11.
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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