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Mexico's Javer gets total tenders for $203.67 million of 13% notes
By Jennifer Chiou
New York, April 15 - Servicios Corporativos Javer, SAPI de CV announced the receipt of overall tenders from holders of $203,672,000 of its 13% senior notes due 2014, $202,704,000 of which was tendered prior to 5 p.m. ET on March 31, the consent deadline in an exchange offer that began on March 21.
Notes that were tendered by the consent deadline were settled on April 6. At the time, Javer said it expected to issue $239,102,000 principal amount of new 9 7/8% senior notes due April 6, 2021 in exchange for those notes, which included a consent payment. Interest on the new notes will accrue from April 6.
The offer expired at midnight ET on April 14, and Javer said it expects final settlement of the exchange to occur on Monday. It will deliver an additional $1,109,000 of the new notes. For the 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.
As already reported, the condition that the company receive tenders for at least a majority of the notes by the consent deadline was met. The company expected to execute a supplemental indenture that will eliminate substantially all of the restrictive covenants and some other covenants and events of default.
The exchange offer was only being made to noteholders who are (1) qualified institutional buyers as defined in Rule 144A under the Securities Act or (2) persons who are not U.S. persons as defined under Regulation S and, in either case, (3) persons who are not "disqualified non-U.S. holders" as defined in the company's letter to noteholders.
The new notes will not be registered under the Securities Act or any state securities laws.
The information agent was 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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