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Brazil’s Hypermarcas begins tender offer, consent bid for 6˝% notes
By Angela McDaniels
Tacoma, Wash., Feb. 12 – Hypermarcas SA began a tender offer for its $312.6 million outstanding principal amount of 6˝% senior notes due 2021, according to a company news release.
Hypermarcas is also soliciting consents to make amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants as well as some events of default and related provisions.
The tender offer and consent solicitation will expire at 11:59 p.m. ET on March 11.
The total consideration for each $1,000 principal amount of notes tendered with consents by the early tender date, 5 p.m. ET on Feb. 26, will be $1,038.50, which includes an early participation payment of $30.00.
Holders who tender notes and deliver consents after the early tender date but at or prior to the expiration date will receive the tender offer consideration, $1,008.50 per $1,000 principal amount, which does not include the early participation payment.
The company will also pay accrued interest up to but excluding the applicable settlement date.
The early settlement date will follow one business day after the early tender date. The final settlement date will follow three business days after the expiration date.
The proposed amendments require the consents of holders of a majority of outstanding notes, excluding any notes held by Hypermarcas or its affiliates.
Holders who tender their notes will be deemed to have consented to the proposed amendments, and holders may not deliver consents without tendering their related notes.
The tender offer is not conditioned on the success of the consent solicitation.
The dealer manager and solicitation agent is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information and tender agent is Global Bondholder Services Corp. (866 924-2200 or 212 430-3774).
Hypermarcas is a pharmaceutical company based in Sao Paulo, Brazil.
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