Peru's Camposol gets consents to amend 9 7/8% notes due 2017

By Toni Weeks

San Luis Obispo, Calif., April 17 - Camposol SA said it received consents from holders representing a majority in principal amount of its outstanding 9 7/8% senior notes due 2017 by 5 p.m. ET on April 16, the expiration date for the company's consent solicitation, according to a press release.

As a result, the company has executed a supplemental indenture to the indenture governing the notes. The amendments are to waive a covenant contained in the note indenture to allow the company to incur up to $75 million principal amount of new debt by May 15 to fund its planned capital expenditures, including investments for plantations and infrastructure.

As previously noted, the company will pay each holder of record as of 5 p.m. ET on April 7, $5.00 per $1,000 principal amount of notes for which a valid consent was delivered.

The consent will only be paid, however, if all conditions are met, including the incurrence of the new debt by May 15.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and Santander Investment Securities, Inc. (212 583-4652 or 212 407-7822) were the solicitation agents. D.F. King & Co. (800 549-6746 or 212 269-5550 for banks and brokers or camposol@dfking.com) was the information and tabulation agent.

Camposol is a grower and exporter of vegetables and fruits and is based in San Isidro, Peru.

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