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Cydsa tenders extends early tender time, ups maximum in offer for 6¼% notes
By Mary-Katherine Stinson
Lexington, Ky., April 23 – Mexico’s Cydsa SAB de CV amended its tender offer for its $252.01 million outstanding 6¼% senior notes due Oct. 4, 2027 (Cusips: 232553AA5, P3R26HAA8), according to a release.
The company has extended the early expiration time to 5 p.m. ET on May 7, which corresponds to the expiration of the offer.
Additionally, the maximum purchase price has been increased to $80 million, upped from a $50 million cap.
As of the original early deadline of 5 p.m. ET on April 22, $68,255,000 of the notes have been tendered.
Cydsa will accept all the tendered notes for purchase and will exercise its right to have an early settlement date for those notes on April 25.
As previously reported, the company is offering a total consideration of $990 per $1,000 principal amount of notes, which includes an early tender payment of $50 per $1,000 principal amount that will now be paid to noteholders who tender their notes before the expiration date.
Holders will also receive accrued interest to the settlement date.
The offer was subject to a financing condition, which has been satisfied.
The withdrawal deadline was 5 p.m. ET on April 22, which has now passed.
Following the early settlement, $183,755,000 will remain outstanding.
Goldman Sachs & Co. LLC (212 357-1452 or 800 828-3182) and Santander US Capital Markets LLC (212 350-0660, 855 404-3636 or AmericasLM@santander.us) are the dealer managers.
D.F. King & Co., Inc. (888 269-5550, 212 269-5550, cydsa@dfking.com) is the information agent and the tender agent.
Cydsa is a Mexican chemical and textile company.
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