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Mexico's Javer begins exchange offer for 13% notes, solicits consents
By Angela McDaniels
Tacoma, Wash., March 21 - Servicios Corporativos Javer, SAPI de CV is offering newly issued dollar-denominated senior notes due April 6, 2021 in exchange for its outstanding 13% senior notes due 2014, according to a company news release.
The interest rate for the new notes will be at least 9¾%. The exact rate will be determined on March 29.
The company is also soliciting consents to a proposed amendment to the note indenture that would eliminate substantially all of the restrictive covenants and certain other covenants and events of default.
Those who tender their notes by 5 p.m. ET on March 31 will receive a consent payment. The company expects that holders who tender by this time will receive their new notes on April 6.
Holders who tender after the consent deadline but before the expiration date will receive their new notes on April 18.
The exchange offer will expire at midnight ET on April 14.
The company will pay accrued interest in cash up to but excluding the applicable settlement date.
Interest on the new notes will accrue from April 6. For 13% notes settled on April 18, the amount of interest paid will be reduced by accrued interest on the new notes from their date of issuance up to but excluding the final settlement date.
The completion of the exchange offer is subject to the receipt of tenders for at least a majority of the 13% notes.
The exchange offer is being carried out under Rule 144A and Regulation S.
The new notes will not be registered under the Securities Act or any state securities laws.
The information agent is D.F. King & Co., Inc. (800 290-6427 or 212 269-5550).
Javer is a privately owned housing development company based in Monterrey, Mexico.
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