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Ultrapetrol waives consent deadline in tender for 10½% notes
New York, Nov. 12 - Ultrapetrol (Bahamas) Ltd. said it has waived the consent deadline in its tender offer for its $135 million principal amount of 10½% first preferred ship mortgage notes due 2008. All holders will now receive the consent payment as long as they give consents by the expiration date.
So far holders of around 90% of the notes have delivered consents.
At its previous announcement on Nov. 9, Ultrapetrol said it received the necessary consents to amend its 10½% notes.
By the consent deadline it had received consents from holders of a majority of the notes.
The company will execute a supplementary indenture, but it will only become effective when it buys the notes.
Ultrapetrol said on Oct. 27 it had begun a cash tender offer and consent solicitation for any and all of the 10½% notes.
The Nassau, Bahamas, ocean and river transportation company is offering a consent payment of $30.00 per $1,000 principal amount for consents submitted by the consent deadline of 5 p.m. ET on Nov. 8.
It will pay $1,007.50 per $1,000 principal amount for notes tendered by the expiration date of 11:59 p.m. ET on Nov. 23.
Ultrapetrol will also pay accrued interest up to but excluding the payment date.
The consent solicitation is to eliminate substantially all of the restrictive and reporting covenants, certain events of default and certain other provisions contained in the note indenture.
Funding for the offer will come from a planned offering of first preferred ship mortgage notes due 2014.
The tender is subject to completion of the sale of new notes and the receipt of consents from holders of a majority of the outstanding notes.
Credit Suisse First Boston LLC is dealer manager and solicitation agent (800 820-1653 or 212 325-3175).
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