Cydsa urges noteholders to back exchange

New York, Dec. 7 - Cydsa, SA de CV said it is urging holders of its $158.997 million 9 3/8% notes due 2009 to back the company's exchange offer for the securities.

The Monterrey, Mexico-based diversified manufacturing company is proposing to exchange each $1,000 principal amount of the notes plus accrued interest for 172.12117 shares of series A common stock, 860.60585 shares of series C stock and $160.38038 principal amount of new convertible debentures.

To carry out the exchange, Cydsa launched a proxy solicitation on Nov. 16 asking holders to back an extraordinary resolution at a noteholders meeting.

The deadline for submission is 10 a.m. ET on Dec. 13. The meeting is set for 10 a.m. ET on Dec. 15.

Cydsa needs 75% of the votes cast to back the resolution and a quorum of at least 75% of the outstanding notes.

Fintech Advisory, Inc., the sole member of a committee of holders of the existing notes, has agreed to support the exchange.

Global Bondholder Services Corp. is information agent (contact Harvey Eng at 212 430-3774). The proxy and exchange agent is Citibank, NA (contact Stuart N. Hoare at +44 207 500-5309 or Sebastian Andrieszyn at 212 657-9055).

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