Roust again pushes out exchange for Central European 3% convertibles

By Susanna Moon

Chicago, June 4 - Roust Trading Ltd. said it again delayed the expiration of the private offer to exchange new notes and pay cash for the 3% convertible senior notes due 2013 of Central European Distribution Corp.

The offer will now end at end at 9 a.m. ET on June 4, extended from 9 a.m. ET on June 3. The offer was also extended from noon ET on May 31, 5 p.m. on May 13 and, before that, 11:59 p.m. ET on April 25.

As of 9 a.m. ET on June 3, holders had tendered $141,841,000 principal amount of the notes. That amount remains unchanged as of noon ET on May 31. As of 5 p.m. ET on April 24, holders had tendered $45,647,000 of the convertibles.

For each $1,000 principal amount of notes, the company is offering $193.17 principal amount of new senior secured PIK toggle notes due 2016 and $160.97 in cash, as has been noted.

In order to receive the offer payment, tendering holders must have submitted ballots to accept Central European's amended joint prepackaged chapter 11 plan of reorganization, according to a previous company press release.

The deadline to vote to accept or reject the plan of reorganization expired on April 4, and the bankruptcy court confirmed the plan on May 13, the release noted.

The company previously said it planned to continue to extend the offer's expiration to be in line with the effective date of the plan of reorganization.

Garden City Group, Inc. is the information agent (202 470-4571 or 866 256-1123). Global Bondholder Services Corp. is the exchange agent.

Warsaw-based Central European Distribution is a producer of alcoholic beverages.

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