| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Mexico’s Controladora Mabe gets enough consents to amend 7 7/8% notes
By Toni Weeks
San Luis Obispo, Calif., Nov. 10 – Controladora Mabe, SA de CV said it received consents from holders of $376,304,000, or 78.25%, of its outstanding 7 7/8% senior guaranteed notes due 2019 by the close of the company’s consent solicitation for the notes, which began Oct. 27 and ended at 5 p.m. ET on Nov. 7.
As a result, the company has executed a supplemental indenture to the indenture governing the notes and will pay each holder of record as of 5 p.m. ET on Oct. 24 who delivered a consent prior to the deadline a consent fee of $1.25 per $1,000 principal amount of notes. According to a press release, the consent fee was expected to be paid on Nov. 10.
As previously reported, the proposed amendments were solicited in connection with the completion of the purchase by AB Electrolux of General Electric Co.’s major appliances division, which constitutes a change of control under the notes indenture and would require the company to offer to repurchase the notes at 101 plus accrued interest.
The company was seeking consents to amend the definition of change of control in the notes indenture so that the acquisition does not constitute a change of control.
The effectiveness of the amendment was subject to the company receiving consents for a majority of the outstanding notes, which has been satisfied, and the satisfaction or waiver of some conditions, including the consummation of the acquisition. General Electric has informed the company that the acquisition is expected to close in 2015, the release noted.
J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279 collect) was the solicitation agent. D.F. King & Co., Inc. (877 297-1744 or 212 269-5550 for banks and brokers) was the information and tabulation agent.
Controladora Mabe manufactures ranges, refrigerators, clothes dryers and washing machines and is based in Mexico City.
© 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.