Becle sees tenders for $346.29 million 3¾% notes, gets needed consents

By William Gullotti

Buffalo, N.Y., Oct. 12 – Holders of Becle, SAB de CV’s 3¾% senior notes due 2025 (Cusips: 47215TAA6, P59705AA4) had tendered $346,288,000 of notes as of 5 p.m. ET on Oct. 8, the early deadline of Morgan Stanley & Co. LLC’s tender offer for any and all of the $500 million of outstanding notes.

As previously reported, Morgan Stanley launched the any-and-all cash tender offer and a related consent solicitation on Sept. 27.

Becle announced on Monday that the required consents were delivered by the early deadline.

Morgan Stanley is soliciting consents to amend the indenture to reduce the notice periods required for optional redemption of the notes and eliminate some of the restrictive covenants and events of default applicable to the notes.

Holders who tender their notes will be deemed to have given consent. Consents cannot be delivered without tendered notes. Any revocation of a consent must be accompanied by withdrawal of the tendered notes.

The tender offer is not conditioned upon the receipt of the necessary consents.

Tenders may no longer be withdrawn.

The total consideration, based on the 0.375% U.S. Treasury due April 30, 2025 plus 25 basis points, is $1,096.96 per $1,000 note, as determined at 11 a.m. ET on Oct. 8. It also includes a consent payment of $50 per $1,000 note tendered by the early deadline.

The consent payment is to be made whether or not the required consents are received, as previously noted.

Interest will also be paid to the applicable settlement date.

Subject to the terms and conditions of the offer, the issuer intends to send a notice of redemption for any outstanding notes immediately following the Oct. 12 initial settlement date after giving effect to the proposed amendments.

Noteholders may still tender their notes until 11:59 p.m. ET on Oct. 25.

Notes tendered after the early deadline will be purchased on Oct. 27.

D.F. King & Co., Inc. (800 884-5101) is tender agent and information agent for the consent solicitation.

Morgan Stanley (212 761-1057, 800 624-1808), Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182) are the dealer managers.

Becle is a Mexico City-based producer, bottler and distributor of alcoholic and non-alcoholic beverages.

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