Cap Cana further extends exchange offer for two series of 10% notes

By Marisa Wong

Morgantown, W.Va., June 21 – Cap Cana, SA said it has extended until 5 p.m. ET on July 10 its offer to exchange any and all of its outstanding 10% senior secured notes due 2016 and its outstanding 10% senior secured recovery notes due 2016 for new 10% senior secured notes due 2024 issued by Caribbean Debt Recovery, Ltd.

The company is offering an equal amount of new notes in exchange for the existing senior notes and an amount equal to 127.3580438% of the original principal amount in the case of the recovery notes.

As of Wednesday, holders of $94,103,000, or 98%, of the outstanding senior notes and holders of $91,214,000, or 97.6%, of the outstanding recovery notes have delivered tenders under the offer. Those amounts have not changed since June 15, when the company extended the offer to 5 p.m. ET on June 30.

Wilmington Savings Fund Society, FSB is the exchange agent.

Cap Cana is a Santo Domingo, Dominican Republic-based resort.

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