Sanluis subsidiary extends tender offers for 8% notes, 8 7/8% notes, euro commercial paper

By Angela McDaniels

Tacoma, Wash., Nov. 7 - Rep Uno, SA de CV said it extended the tender offer and consent solicitation for the 8% guaranteed notes due 2010 issued by Sanluis Co-Inter SA and the tender offers for the 8 7/8% notes due 2008 and euro commercial paper notes issued by parent company Sanluis Corporacion SAB de CV.

The consent solicitation and tender offers now end at midnight ET on Dec. 7. The tender offers were slated to expire at midnight ET on Nov. 6, and the consent deadline was extended from Nov. 6 and, previously, from Oct. 26 and Oct. 23.

The company also modified the tender offer for the 8% notes so that all noteholders who tender will receive the early tender payment.

On Oct. 29, Rep Uno had received consents from holders of 92% of the 8% notes and said it expected the issuer to execute a supplemental indenture before the expiration of the tender offer. The supplemental indenture will eliminate substantially all of the restrictive covenants and some events of default from the note indenture.

The company began the tender offers and consent solicitation on Oct. 10.

The payout for each $1,000 principal amount of 8% notes is $1,353.20, or 94.15% of the accreted principal amount. The payout includes the early tender payment of $71.86. Investors will also receive accrued interest.

The payout for each $1,000 principal amount of 8 7/8% notes is $780.00, and the payout for each $1,000 principal amount of euro commercial paper is $450.00.

On Oct. 24, the company increased the payouts for the 8% notes and 8 7/8% notes from $1,250.34 and $450, respectively.

The maximum amount that Rep Uno may need to pay to settle the offers will be $74.6 million, assuming a settlement date of Nov. 8.

As of Nov. 6, noteholders had submitted tenders and consents for $44.23 million, or 95%, of the 8% notes, tenders for $3.79 million, or 62%, of the 8 7/8% notes and tenders for $3.2 million, or 66%, of the euro commercial paper notes.

Morgan Stanley & Co. Inc. (212 761-5384 or toll-free 800 624-1808) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 873-5600) is the information agent.

Sanluis is a Mexico City-based auto parts manufacturer.

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