Gunvor begins tender offer for $80 million of 5.875% notes due 2018

By Susanna Moon

Chicago, March 16 – Gunvor Investments Ltd. said it began a tender offer for up to $80 million of the $500 million principal amount of 5.875% notes due 2018 issued the Gunvor Group Ltd.

The purchase price will be $890 for each $1,000 principal amount along with an early tender premium of $30.00 per $1,000 principal amount of notes tendered by 11 a.m. ET on March 30, the early tender date.

The company will also pay accrued interest.

The tender offer will end at 3 a.m. ET on April 14, with settlement expected to occur on April 15.

There is $426 million of the notes outstanding.

The purpose of the offer is to allow the group to acquire some of the issuer’s outstanding notes, which reflects the group’s robust liquidity position and is consistent with its ongoing liability management objectives, according to a company press release.

The offer also provides noteholders an opportunity to gain liquidity, the company said.

The minimum denomination of notes is $200,000.

The dealer manager is Credit Suisse Securities (Europe) Ltd. (+44 0 20 7883 8763 or liability.management@credit-suisse.com). The tender agent is Deutsche Bank AG, London Branch (+44 0 20 7547 5000, or xchange.offer@db.com).

Gunvor is a commodities trading house based in Geneva.

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