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Mexico’s Docuformas gets tenders for $119.1 million 9¼% notes so far
By Angela McDaniels
Tacoma, Wash., July 22 – Docuformas, SAPI de CV had received tenders for $119.1 million principal amount of its $150 million 9¼% senior notes due 2022 as of 5 p.m. ET on July 19, according to a company press release.
A tender offer and consent solicitation for the notes began July 2 and will expire at 11:59 p.m. ET on July 29. The early tender date was 5 p.m. ET on July 19, extended from 5 p.m. ET on July 15.
As of the original early tender date, holders had tendered $112.7 million principal amount of notes.
Consents have now been received from the holders of a majority in principal amount of the notes. As a result, the indenture governing the notes will be amended to eliminate substantially all of the restrictive covenants and some events of default and shorten the minimum notice period for a redemption to three days from 30 days.
Docuformas has accepted for purchase all of the notes tendered by the early tender date, and the settlement date for these notes is expected to be July 24.
The total consideration is $1,015 per $1,000 principal amount of notes. This includes an early tender payment of $50 per $1,000 principal amount of notes tendered by the early tender date.
Noteholders who tender their notes are deemed to have consented to the proposals. Holders are not able to deliver consents without tendering their notes.
The dealer managers and solicitation agents are Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808), UBS Securities LLC (888 719-4210 or 203 719-4210) and Banco BTG Pactual SA – Cayman Branch (212 293-4600). The tender and information agent is D.F. King & Co., Inc. (877 283-0325, 212 269-5550 or Docuformas@dfking.com).
Based in Mexico City, Docuformas provides financing solutions for the acquisition of assets and equipment by mostly small- and medium-sized businesses.
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