Dominican Republic's Cerveceria Nacional accepts $50 million of $210 million tendered 8% notes

By Jennifer Chiou

New York, Sept. 13 - Cerveceria Nacional Dominicana, C por A said it received tenders from holders of $210,045,000 of its 8% senior notes due 2014.

Accepted tenders were prorated at a rate of 24.545%, except that no tender was accepted if, after proration, the amount was less than $100,000. As a result, $49,999,000 notes were accepted for purchase in the offer.

The offer ended at 5 p.m. ET on Sept. 12, pushed back from midnight ET on Sept. 7 and, before that, Aug. 31. The extension provided the company with more time to finalize the needed financing.

When the tender began on Aug. 6, the company was offering to repurchase up to $100 million of the $255 million notes. On Aug. 20, the company lowered the maximum amount of notes it would repurchase to $50 million, citing changes in market conditions and financing availability.

For each $1,000 principal amount, the payout is $1,035 for notes tendered by the early tender deadline and $1,000 for notes tendered after that. The early tender deadline was 5 p.m. ET on Aug. 24, which was pushed back from Aug. 17.

Holders will also receive accrued interest up to but excluding the payment date, which is expected to be Friday.

As of Sept. 7, $210 million of the notes, or 82%, had been tendered. As of the original early tender deadline, $202 million, or 79%, of the notes had been tendered.

The tender offer was conditioned upon the receipt of sufficient financing.

The Santo Domingo, Dominican Republic, brewing company previously said it was tendering for the notes, which are denominated in dollars, to replace them with Dominican peso-denominated debt.

Citigroup Corporate and Investment Banking (212 723-6108 or 800 558-3745) was the dealer manager. Deutsche Bank Luxembourg SA was the Luxembourg tender agent. Global Bondholder Services Corp. (212 430-3774 or 866 736-2200) was the tender agent and information agent.

© 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.