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Venezuela's Pequiven gets tenders for 99.2% of FertiNitro 8.29% bonds
By Jennifer Chiou
New York, Dec. 21 - Petroquimica de Venezuela, SA (Pequiven) announced the receipt of tenders and consents for a total of $248.1 million, or 99.2%, of the original $250 million of 8.29% secured bonds due 2020 issued by FertiNitro Finance Inc. in connection with the FertiNitro fertilizer project.
The offer and solicitation ended at 11:59 p.m. ET on Dec. 20. The start date was Nov. 22.
Pequiven solicited consents to amend and terminate some agreements entered into when the bonds were issued and to release and discharge all of the security interests created under the agreements, including the collateral securing the bonds.
Now that it has tallied the needed consents, the company said that substantially all of the restrictive covenants and certain defined events of default contained in the agreements governing the bonds will be eliminated.
Holders could not tender their bonds without delivering their consent and vice versa.
According to a company news release, $486,000 of the tenders came after the early tender deadline of 5 p.m. ET on Dec. 6.
The total payment was $1,049.70 per $1,000 original principal amount of bonds plus accrued interest to Dec. 21. This amount includes a premium of $49.70 for bonds tendered by the early tender date.
As reported, the proposed amendments and the security release required the consent of holders of more than 75% of the outstanding principal amount of the bonds.
Due to scheduled amortization payments, there was $952.00 principal amount of the notes outstanding as of Nov. 22 for each $1,000 original principal amount of the notes.
In November, holders of about 79% of the bonds entered into a lock-up agreement with Pequiven under which they agreed to tender all of their bonds on by the early tender date.
The information agent can be contacted at 800 829-6554.
Pequiven is a petrochemical company based in Caracas. It is wholly owned by Venezuela.
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