Frigorifico gets tenders for 96.71% of 10¼% notes due 2025

By Rebecca Melvin

Concord, N.H., July 20 – Frigorifico Concepcion SA announced the expiration and final results of its June 21 offer to purchase for cash any and all of its $161 million outstanding 10¼% senior secured notes due 2025 (Cusips: 358649AB7, 358649AA9; P40568BW9, P40568CH1), according to a news release.

As of 11:59 p.m. ET on July 19, holders had tendered $155.7 million of the notes, or 96.71% of the principal amount outstanding.

As previously reported, the purchase price is $1,090 per $1,000 bond validly tendered by the tender expiration. For notes tendered after the early tender deadline, the purchase price is $1,120 per $1,000 bond.

The company also solicited consents to amend the terms of the bonds to release the notes’ collateral for the benefit of holders of new notes.

The purpose of the offer was to reduce or fully refinance the company’s outstanding debt under the notes.

BofA Securities (888-292-0070, 646 855-8988) acted as dealer manager of the tender offer, and Global Bondholder Services Corp. (866 470-3700, 212 430-3774 or contact@gbsc-usa.com) was the information agent and depositary.

The meat processing company is based in Concepcion, Paraguay.

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