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Interchile reports results in tender offer for 4˝% bonds
By Mary-Katherine Stinson
Lexington, Ky., Nov. 15 – Interchile SA announced the final results in the company’s capped tender offer for its $1.2 billion outstanding 4˝% senior secured notes due 2056 (Cusips; 45846AAA8, P5R70LAA9), according to a press release.
After the early deadline but prior to the expiration of the offer, the company received tenders from holders representing an additional $47,799,000 principal of the notes. As previously reported, by 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 the tendered notes have been accepted for purchase at the revised tender consideration.
On Oct. 30, the company announced an increase in the consideration to $750 per $1,000 bond plus accrued interest to the settlement date to be applied through the duration of the offer.
The aggregate purchase price was capped at $160 million.
Following consummation of the offer, $1,073,369,000 aggregate principal of the notes are expected to remain outstanding.
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.
The offer expired at 5 p.m. ET on Nov. 14.
The early settlement date was Oct. 31, and the final settlement date is Nov. 15.
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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