Peru's Camposol solicits consents for 9 7/8% senior notes due 2017

By Toni Weeks

San Luis Obispo, Calif., April 8 - Camposol SA began a consent solicitation for its 9 7/8% senior notes due 2017, according to a press release.

The company is seeking noteholder approval to waive a covenant contained in the note indenture to allow the company to incur up to $75 million principal amount of new debt by May 15 to fund its planned capital expenditures, including investments for plantations and infrastructure.

The solicitation will expire at 5 p.m. ET on April 16.

The company needs consents representing a majority in principal amount of the outstanding notes for the proposal to pass.

The company will pay each holder of record as of 5 p.m. ET on April 7 $5 per $1,000 principal amount of notes for which a valid consent was delivered.

The consent will only be paid if all conditions are met, including a finance condition.

The company said if the requisite consents are received prior to the expiration date, following their receipt the company will execute a supplemental indenture, and this may be before the expiration of the offer.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and Santander Investment Securities, Inc. (212 583-4652 or 212 407-7822) are solicitation agents. D.F. King & Co. (800 549-6746 or 212 269-5550 for banks and brokers or camposol@dfking.com) is the information and tabulation agent.

Camposol is a grower and exporter of vegetables and fruits and is based in San Isidro, Peru.

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