Ultrapar reports tenders of $114.13 million 5¼% notes due 2026

By Wendy Van Sickle

Columbus, Ohio, April 14 – Brazil’s Ultrapar International SA announced the results of its cash tender offer for any and all of the $550,003,000 outstanding 5¼% notes due 2026 (Cusips: 90401CAA7, L9412AAA5) in an announcement on Thursday.

By the offer’s expiry at 5 p.m. ET on April 13, holders had tendered $114,129,000 of the notes, not including about $400,000 of notes for which notice of guaranteed delivery was given but which have not yet been delivered.

The company offered $1,027.50 per $1,000 note.

All of the tenders of 2026 notes were accepted for purchase under the offer, which was launched simultaneously with an offer by the company to buy from its series of $850 million outstanding 5¼% notes due 2029 (Cusips: 90401CAC3, L9412AAB3). Taking into account the amount of 2026 notes tendered, the company said the maximum acceptance amount of the 2029 notes will be $435,874,000, which may be subject to change based on the amount of 2026 notes settled under guaranteed delivery procedures. The maximum amount was determined by subtracting the amount of 2026 notes tendered from a possible $550,003,000 of notes.

Settlement of the 2026 notes was expected for April 14.

The consideration for the 2029 notes will be $1,001.25 per $1,000 note, inclusive of a $30.00 early tender payment that will only be paid to noteholders who tender their notes by the early deadline.

The early tender deadline is 5 p.m. ET on April 20, also the withdrawal deadline.

Early settlement is planned for April 22.

The expiration of the offer for the 2029 notes is 11:59 p.m. ET on May 4.

Tenders for the 2029 notes may be prorated.

Final settlement is scheduled for May 6.

Interest to each of the applicable settlement dates will be paid in additional to the total considerations.

The dealer managers for the tender offers are Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452) and J.P. Morgan Securities LLC (866 846-2874, 212 834-7279).

D.F. King & Co., Inc is the information and tender agent for the offer (212 269-5550, 800 859-8509, Ultrapar@dfking.com).

Ultrapar is a Luxembourg-based subsidiary of Ultrapar Participacoes SA, a Sao Paulo-based petrochemicals company.

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