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| Prospect News home > News index > List of issuers O > Headlines for Operadora de Servicios Mega, SA de CV, Sofom, ER > News item |
Mega scraps exchange offer after minimum condition not met
Chicago, Nov. 13 – Mexico’s Operadora de Servicios Mega, SA de CV, Sofom, ER terminated its exchange offer for any and all of its 8¼% senior notes due 2025 (Cusip: 68373NAA3) and the related consent solicitation, according to a press release.
There was a minimum participation condition and noteholders of a majority of the notes needed to participate in the consent solicitation.
The minimum participation condition was not satisfied
The exchange offer and consent solicitation were scheduled to expire at 11:59 p.m. ET on Nov. 9.
The early exchange consideration had been extended to the end of the offer.
Noteholders were being offered new 12% notes due Nov. 13, 2028, with a possible step-up to 12½% if the company elected to pay a portion of the interest in kind.
In the consent solicitation, Mega was seeking to eliminate substantially all of the restrictive covenants and various events of default and related provisions contained in the indenture governing the existing notes.
D.F. King & Co., Inc. was the information and exchange agent (877 732-3619, 212 269-5550; mega@dfking.com; www.dfking.com/mega).
Mega retained Goldman Sachs & Co. LLC and BCP Securities, Inc. to act as dealer managers in connection with the exchange offer and as solicitation agents in connection with the consent solicitation.
The multiple purpose financial company is based in Jalisco, Mexico.
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