Peru’s Pesquera Exalmar offers to swap 7.375% notes for 7.625% notes

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Pesquera Exalmar SA launched a private offer to exchange any and all of its outstanding 7.375% senior notes due 2020 for new 7.625% senior notes due 2025, according to a Friday press release.

For each $1,000 principal amount of notes tendered for exchange by the early deadline, the company is offering a like principal amount of new notes and $10 in cash.

The early deadline is 5 p.m. ET on Jan. 8.

For notes exchanged after the early deadline, the company will pay $970 of new notes with no cash payment.

The exchange offer expires at 11:59 p.m. ET on Jan. 23.

New notes will be issued in minimum denominations of $200,000.

The company is also soliciting consents to some amendments to the note indenture to eliminate substantially all of the restrictive covenants and certain events of default and related provisions.

Holders who tenders notes for exchange must also deliver their consents to the amendments.

The exchange offer and consent solicitation are conditioned on at least a majority of the outstanding principal amount of notes being exchanged.

D.F. King & Co., Inc. (877 283-0318 or 212 269-5550) is acting as information agent and exchange agent. Pesquera Exalmar is a San Isidro, Peru, fish company.

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