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San Miguel Industrias provides early tender results for 4½% notes
Chicago, Aug. 3 – San Miguel Industrias PET SA provided the early tender results for its offer to buy any and all of its 4½% senior guaranteed notes due 2022 (ISINs: US79911PAB22, USP84523AB85), according to a company release.
By the early tender time at 5 p.m. ET on Aug. 2, the company received tenders for $204.61 million of the notes, or 68.2%.
SMI and NG Packaging & Recycling Corp. Holdings SA are co-obligors of the notes, for which San Miguel was also soliciting consents to amend the indenture to eliminate substantially all of the restrictive covenants and certain events of default as well as reduce the minimum notice period needed for optional redemption.
There were enough consents to effect all of the proposed amendments to the indenture governing the notes.
Holders who tendered by the early deadline, 5 p.m. ET on Aug. 2, are eligible to receive a total consideration of $1,015.50 per $1,000 principal amount of notes, which includes an early tender consideration of $30 per bond.
The early settlement date is set for Aug. 4.
The offer was conditioned on a concurrent offer of senior guaranteed notes. The new notes offering closed on Tuesday.
The offer is scheduled to expire at 11:59 p.m. ET on Aug. 16.
Should any notes still remain outstanding after the conclusion of the offer, the company will redeem the remainder of the notes at 101.125. The redemption date is expected to be Sept. 18.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are dealer managers and solicitation agents for the offer and solicitation.
Global Bondholder Services Corp. (212 430-3774, 866 470-4300) is the information agent.
The maker of plastic resins and containers is based in Lima, Peru.
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