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Interchile ups purchase price in tender offer for 4½% bonds
By Mary-Katherine Stinson
Lexington, Ky., Oct. 30 – Interchile SA upped the purchase price in the capped tender offer for its $1.2 billion outstanding 4½% senior secured notes due 2056 (Cusips; 45846AAA8, P5R70LAA9), according to a press release.
The consideration has been increased to $750 per $1,000 bond plus accrued interest to the settlement date. This revised consideration will be applied through the duration of the offer.
The aggregate purchase price is capped at $160 million.
As of the early deadline of 5 p.m. ET on Oct. 27, the company had received tenders from holders representing $78,832,000 principal of the notes.
All these notes have been accepted for purchase at the revised tender consideration.
Previously, the company made detailed changes to its formula, resulting in a tender offer consideration of $719.95 per $1,000 bond, inclusive of a $50 early tender consideration that would have only been paid to noteholders tendering by the early deadline, though that is no longer relevant.
That tender consideration was based on the 4 3/8% U.S. Treasury due Aug. 15, 2043 with a 180 basis points fixed spread.
Pricing was set on Oct. 27.
The withdrawal deadline was the same as the early tender deadline. Tenders are now irrevocable.
The offer expires at 5 p.m. ET on Nov. 14.
The early settlement date is Oct. 31, and the final settlement date is Nov. 15.
Tenders may be prorated.
D.F. King & Co. (interchile@dfking.com, 212 269-5550 or 800 967-5019) is the information and tender agent.
J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) is the dealer manager.
The infrastructure construction services company is based in Santiago, Chile.
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