Grupo Bimbo sees tenders of $389.85 million 3 7/8% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, Nov. 3 – Grupo Bimbo, SAB de CV took in tenders of $389,851,000 principal amount of notes under its tender offer to purchase for cash any and all of its $800 million of outstanding 3 7/8% senior notes due 2024 (Cusip: 40052VAC8, P4949BAJ3), according to a Friday press release.

The offer expired at 5 p.m. ET on Nov. 3.

Pricing was calculated at 2 p.m. ET on Friday using the 3% U.S. Treasury due June 30, 2024 and a fixed spread of 0 basis points, for a consideration of $990.23 per $1,000 principal amount.

The company will also pay accrued interest.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Nov. 7.

The offer was not conditioned on any minimum amount of notes being tendered. However, the offer is contingent on some other conditions, including the issuance of new debt.

Wholly owned subsidiary Bimbo Bakeries USA, Inc. priced $1 billion of notes in tranches due 2029 and 2034 on Oct. 31, the proceeds of which will be used for general corporate purposes, including funding in whole or in part the tender offer.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) are dealer managers for the tender offer.

D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 866 342-4882 for all others; bimbo@dfking.com) is the tender agent and information agent.

The baked goods company is based in Mexico City.

© 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.