Cerveceria Nacional extends tender offer for 8% notes, cuts size to $50 million

By Susanna Moon

Chicago, Aug. 20 - Cerveceria Nacional Dominicana, C por A said it would reduce the size of its tender offer for its 8% senior notes due 2014 by half to $50 million because of changes in market conditions and financing availability.

Cerveceria also said it extended the tender offer until midnight ET on Sept. 7 from midnight ET on Aug. 31 and the early tender time and withdrawal deadline until 5 p.m. ET on Aug. 24 from 5 p.m. ET on Aug. 17.

For each $1,000 principal amount, the payout is $1,035 for notes tendered by the early tender time and accepted for payment, including an early tender payment of $35.

The company said it would pay accrued interest for all tendered notes.

As of the original early tender deadline, $202 million of the notes, or 79% of the outstanding principal amount, had been tendered.

The cash tender offer was announced on Aug. 6 for up to $100 million of the company's $255 million of 8% notes.

The tender offer is subject to the tender cap and is conditioned upon financing.

The Santo Domingo, Dominican Republic, brewing company previously said it is tendering for the notes, which are denominated in dollars, to replace them with Dominican peso-denominated debt.

Citigroup Corporate and Investment Banking is the dealer manager (call collect 212 723-6108 or 800 558-3745). Deutsche Bank Luxembourg SA is the Luxembourg tender agent. Global Bondholder Services Corp. is the tender agent and information agent (call collect 212 430-3774 or 866 736-2200).

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