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Brazil's Fibria gets tenders, consents for $430.39 million 6¾% notes
By Angela McDaniels
Tacoma, Wash., May 9 - Fibria Celulose, SA subsidiary Fibria Overseas Finance Ltd. received tenders for $430,394,000 principal amount, or 78.45%, of its $548,604,000 outstanding 6¾% senior notes due 2021, according to a company news release.
A tender offer for the company began May 1 and ended at midnight ET on May 8.
The company was also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and various events of default and related provisions.
The proposed amendments require consents from holders of at least a majority of the outstanding notes. This condition has been satisfied.
The purchase price is $1,120 for each $1,000 principal amount of notes, which includes a consent payment of $30 per $1,000 principal amount.
The company also will pay accrued interest up to but excluding the settlement date, which is expected to be May 12.
Settlement of the tender offer and consent solicitation is conditioned on the settlement of the company's $600 million offering of 5¼% notes due 2024, which is expected to occur May 12.
Citigroup Global Markets Inc. (800 558-8209; 3745 or 212 723-8209; 6106), Credit Agricole Securities (USA) Inc. (866 807-6030 or +44 20 7214-7440), Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527), Goldman Sachs & Co. (800 828-3182 or 212 902-6595) and Banco Votorantim Securities, Inc. (212 339-7431) are the dealer managers. The information agent is D.F. King & Co., Inc. (888 644-6071, 212 493-6940, +44 20 7920-9700 or at fibria@dfking.com).
Fibria is a Sao Paulo, Brazil-based pulp and paper company.
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