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Grupo Dina to exchange $6.9 million 8% convertibles tendered so far, extends deadline
New York, July 20 - Consorcio G Grupo Dina, SA de CV said it will accept the $6.9 million of 8% convertible subordinated debentures due Aug. 8, 2004 tendered so far in its exchange offer on July 21.
The company also said it is extending the expiration to 5 p.m. ET on Aug. 16 from 5 p.m. ET on July 19. While it has the right to continue the offer beyond that date, it said it does not expect to do so.
Dina is offering one contingent value right for each $1,000 principal amount of convertibles tendered and a waiver payment of $50 for each $1,000 principal amount for which a waiver is delivered.
Holders may not tender without granting waivers and vice versa.
The contingent value rights entitle holders to certain net cash proceeds received by the company on the occurrence of specified events.
The waiver relates to payment defaults and legal claims.
Grupo Dina previously extended the offer on July 6.
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