Paraguay’s Frigorifico tweaks proposed amendments for 2028 notes

By Marisa Wong

Los Angeles, Feb. 8 – Frigorifico Concepcion SA has amended its Feb. 2 consent solicitation with respect to some proposed amendments to the indenture governing its $300 million 7.7% senior secured notes due 2028 (Cusip: 358648AA1, P4R54KAA4), according to a Wednesday press release.

In addition to its previous announcement, the company intends to include among the additional amendments not requiring consent the following:

• A new section 2.14 entitled “interest rate adjustments” to be added to the indenture; and

• The following defined terms will be added under section 1.01 of the indenture: “interest rate adjustment calculation date,” “minimum cash requirement,” “minimum cash requirement and leverage ratio certificate” and “step-up triggering event.”

Holders who have previously delivered consents are not required to redeliver those consents or take any other action in response to the latest update in order to consent.

The expiration time for the consent solicitation remains unchanged at 5 p.m. ET on Feb. 9.

Consent bid details

As previously reported, the company is also conducting a concurrent offering of up to $300 million of additional 2028 notes to be consolidated and form a single series with the existing notes. The concurrent offering is conditioned on consummation of the consent solicitation.

The primary purpose of the consent solicitation is to amend the indenture to permit the company to incur the additional debt.

The record date is 5 p.m. ET on Feb. 1.

The company will pay a consent fee of $10 per $1,000 principal amount of notes for which consents were delivered if the amendments become effective.

BofA Securities, Inc. (646 855-8988 or 888 292-0070) and J.P. Morgan Securities LLC are the solicitation agents.

Global Bondholder Services Corp. (855 654-2014, 212 430-3774 or contact@gbsc-usa.com) is the information and tabulation agent.

The meat processing company is based in Concepcion, Paraguay.

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