Brazil's Andrade Gutierrez gives early results in tender for 4% notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 21 – Brazil's Andrade Gutierrez International SA received tenders of $165,982,000 notes by the early deadline in its cash tender offer for up to $75 million of its $500 million of 4% senior notes due 2018, according to a press release.

The tender offer opened on Nov. 11, and the company offered a total consideration of $960 per $1,000 principal amount of notes, which includes a $30 early tender payment for notes tendered by 5 p.m. ET on Nov. 21.

The company previously said if the tender cap were to be exceeded, notes would be accepted for purchase on a pro rata basis.

The offer will expire at 11:59 p.m. ET on Dec. 6.

Holders will also receive accrued interest to the settlement date.

There is no minimum tender condition.

Tenders could be withdrawn until the early deadline.

The company said the purpose of the tender offer is to reduce interest expense by retiring a portion of the outstanding debt using cash on hand.

D.F. King & Co., Inc. (212 269-5550, 866 856-3065 or ag@dfking.com) is the tender and information agent.

BB Securities (+44 20 7367 5800), Bradesco BBI (+55 11 3847 5219) and Santander (855 404-3636 or 212 940-1442) are the dealer managers.

The company is the Belo Horizonte, Brazil-based subsidiary of Andrade Gutierrez SA, an engineering and construction company.

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