Chile’s Falabella delivers results from tender offer for 3¾% notes

Chicago, Oct. 13 – Chile’s Falabella SA announced the expiration and the results of its cash tender offer for all $500 million of its outstanding 3¾% senior notes (Cusips: 78386FAA4, P82290AA8) due 2023, according to a company release.

As of 8 a.m. ET on Oct. 12, the company received tenders for $307,601,000 of the 3¾% senior notes due 2023 and another $2 million tendered via notice of guaranteed delivery.

All notes tendered will be accepted for purchase, with the total purchase price $322.5 million.

As previously reported, the purchase price of the 2023 notes is $1,048.50 per $1,000 note plus accrued and unpaid interest up to the settlement date.

Settlement is expected for Oct. 15.

The company is also conducting a tender offer for up to $150 million of the $400 million outstanding 4 3/8% senior notes (Cusips: 78386FACO, P82290AGS) due 2025 for a total maximum principal repurchase of $550 million with the other part of the tender offer.

The expiration dates were staggered so that the total amount available for tenders for the second series of notes could be determined before the offer ended.

The purchase price of the 2025 notes will be $1,085 per $1,000 note plus accrued and unpaid interest up to the settlement date.

The consideration for the 2025 notes includes a $30 early tender premium for tenders received by the early deadline.

The early tender deadline for the 2025 notes is 5 p.m. ET on Oct. 18, which is also the withdrawal deadline.

The early settlement date is Oct. 21.

The tender offer for the 2025 notes expires at 11:59 p.m. ET on Nov. 1 with a final settlement date of Nov. 4.

The tenders of the 2025 notes are subject to proration.

The tender offers on the Regulation S and Rule 144 notes are subject to completion of the company’s anticipated offering and sale of new notes which will enable the cash purchase of the tendered notes. Falabella sold $650 million of notes on Tuesday.

D.F. King & Co., Inc. (800 669-5550, 212 269-5550, falabella@dfking.com) is the information agent and tender agent on the deal.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452) and J.P. Morgan Securities LLC (866 846-2874, 212 834-7279) are serving as the dealer managers.

Falabella is a retail company based in Santiago.

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