Mexico's Petrotemex gets total tenders for 56.06% of 9½% senior notes

By Susanna Moon

Chicago, Aug. 13 - Grupo Petrotemex SA de CV said holders tendered $154,173,000, or 56.06%, of its outstanding 9½% senior notes due 2014 by the end of the offer at 5 p.m. ET on Aug. 10.

The total tendered amount includes $153,573,000, or 55.84%, of the notes received by the early tender deadline at 5 p.m. ET on July 27, as previously announced.

The company received consents for a majority of the notes by the early tender date, which was enough to amend the notes, and settled early tenders on Aug. 1. Petrotemex also entered into a supplemental indenture that day, according to a company press release.

The company solicited consents to amend the notes to eliminate substantially all of the company's restrictive covenants under the notes.

Holders who tendered their notes had to deliver consents, and holders could not deliver consents without tendering their notes.

As previously noted, the total purchase price was $1,130, which included an early tender fee of $30, per $1,000 principal amount of notes tendered by the consent date.

Those who tendered after the early deadline will receive only the base payment of $1,100 per $1,000 principal amount.

Final settlement of the offer is slated for Aug. 15.

J.P. Morgan Securities LLC (866 846-2874) is the dealer manager. Global Bondholder Services Corp. (866 795-2200, banks and brokers call 212 430-3774) is the depositary and information agent.

Petrotemex is based in Monterrey, Mexico, and produces purified terephthalic acid and polyethylene terphthalate.

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