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Docuformas announces results, extends tender offer for 9¼% notes
Chicago, July 16 – Mexico’s Docuformas, SAPI de CV announced the results and the extension of its cash tender offer for any and all of its 9¼% senior notes due 2022, according to a press release.
As of 5 p.m. ET on July 15, $112.7 million in principal amount of the notes had been validly tendered and not withdrawn.
The early tender date has been extended to 5 p.m. ET on July 19. The withdrawal deadline has not been extended, so noteholders who participate in the extension will not be able to withdraw their tendered notes.
The company is offering a total consideration of $1,015 per $1,000 principal amount of notes. The total consideration includes the tender offer consideration of $965 plus an early tender payment of $50.
The tender offer and consent solicitation will expire at 11:59 p.m. ET on July 29.
In connection with the tender offer, the company was seeking consents from noteholders to amend the indenture governing the notes.
As of the existing early tender date, the company did receive consents from a majority of the then outstanding notes, enough for the adoption of the proposed amendments.
The amendments eliminate substantially all of the restrictive covenants and certain events of default and related provisions. Additionally, the minimum notice period of redemption will be shortened to three days prior to a redemption date from 30 days.
Noteholders who tendered their notes are deemed to have consented to the proposals. Holders were not able to deliver consents without tendering their notes.
D.F. King & Co., Inc. is working as tender and information agent for the tender offer and consent solicitation (877 283-0325 or 212 269-5550 or Docuformas@dfking.com).
Morgan Stanley & Co. LLC, UBS Securities LLC and Banco BTG Pactual SA – Cayman Branch are acting as dealer managers and solicitation agents.
Based in Mexico, Docuformas provides financing solutions for the acquisition of productive assets and equipment by mostly small- and medium-sized businesses.
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