San Miguel Industrias gives final tender offer results for 4½% notes

Chicago, Aug. 17 – San Miguel Industrias PET SA delivered the final 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.

The company received an additional $350,000 of tenders since the early deadline. As of the early deadline at 5 p.m. ET on Aug. 2, the company had received tenders for $204.61 million of the notes, or 68.2%.

In total, the company purchased a total of $204.96 million of the notes, or 68.32% of the original principal amount.

The offer expired at 11:59 p.m. ET on Aug. 16.

All tendered notes have been accepted for purchase.

Noteholders who tendered their notes after the early deadline will receive a tender offer consideration of $985.5 per $1,000 note. The settlement date is Aug. 17.

Noteholders who tendered before the early deadline were already paid $1,015.50 per $1,000 principal amount on the early settlement date, Aug. 4.

As previously reported, 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.

The offer was conditioned on a concurrent offer of senior guaranteed notes. The new notes offering closed on Aug. 2.

The company expects to 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.