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Votorantim prices $200 million capped tender offer for 7¼% notes
By William Gullotti
Buffalo, N.Y., May 26 – Votorantim Cimentos International SA (VCI), a wholly owned subsidiary of Brazil’s Votorantim Cimentos SA (VCSA), announced the pricing terms for its cash tender offer for its 7¼% senior notes due 2041(Cusip: 92911QAA5, US92911QAA58), according to a press release Thursday.
The notes, of which $546,729,000 remain outstanding, were initially issued in two parts in 2012 for an aggregate total of $1.25 billion and are guaranteed by VCSA and Votorantim SA.
With pricing based on the 2.375% U.S. Treasury due Feb. 15, 2042, a reference yield of 3.226% and a fixed spread of 281 basis points, the total consideration is $1,135.43 per $1,000 principal amount.
The total consideration includes an early tender premium of $30 per $1,000 principal amount payable only to holders who tender by 5 p.m. ET on May 26, which is also the withdrawal deadline.
Noteholders will also receive accrued and unpaid interest up to, but not including, the June 1 early settlement date.
According to the release, if the cap is met or exceeded prior to the early tender deadline and the company has not elected to increase the maximum purchase amount, holders validly tendering notes after the early expiration deadline will not be entitled to have any of their notes accepted for purchase.
As previously reported, the offer will expire at 11:59 p.m. ET on June 10.
D.F. King & Co., Inc. (212 269-5550, 800 628-8538 or vci@dfking.com) is the information agent.
BofA Securities, Inc. (646 855-8988 or 888 292-0070), Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745), HSBC Securities (USA) Inc. (212 525-5552 or 888 HSBC-4LM), Itau BBA USA Securities, Inc. (888 770-4828 and 212 710-6749) and UBS Securities LLC (203 719-4210 and 888 719-4210) are the dealer managers.
Votorantim Cimentos is a cement company based in Sao Paulo, Brazil.
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