Peru’s Camposol scraps tender, consent bid for 10½% notes via Merrill

By Susanna Moon

Chicago, Feb. 13 – Camposol SA said that BofA Merrill Lynch has terminated the cash tender offer for its $147.49 million of 10½% senior secured notes due 2021.

As announced Jan. 31, the tender was contingent on pricing of new notes and the purchase agreement for the new offering not having been terminated before the early settlement date.

The tender offer and consent solicitation were terminated because the new notes offering has been postponed due to market conditions, according to the company update on Tuesday.

The total purchase price being offered was $1,087.19 for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on Feb. 12.

The total amount included an early tender premium of $30.00 per $1,000 principal amount.

The tender offer was set to end at 11:59 p.m. ET on Feb. 27.

The company also was soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, some events of default and related provisions as well as to release the subsidiary guarantees and release all of the collateral from the liens securing the notes.

BofA Merrill Lynch (888 292-0070 or 646 855 8988) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 884-4725, 212 269-5550 or camposol@dfking.com) is the information and tender agent.

Lima, Peru-based Camposol is a grower and exporter of vegetables and fruits.

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