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Sanluis subsidiary amends tenders for 8%, 8 7/8% and euro commercial paper notes
By Laura Lutz
Des Moines, Oct. 24 - Rep Uno, SA de CV, a subsidiary of Sanluis Corp., SAB de CV, amended its tender offer and consent solicitation for the 8% guaranteed notes due 2010 issued by Sanluis Co-Inter SA, another subsidiary of Sanluis Corp.
Rep Uno also modified its tender offer for the 8 7/8% notes due 2008 and euro commercial paper (ECP) notes issued by Sanluis Corp.
The early tender date for the 8% notes was moved to noon ET on Oct. 26 from 5 p.m. ET on Oct. 23. That offer still expires at midnight ET on Nov. 6.
The payout for each $1,000 principal amount of 8% notes tendered before the early deadline was increased to $1,353.20 from $1,250.34. That amount includes an early tender payment of $71.86. Investors also will receive accrued interest.
The payout for each $1,000 principal amount of 8 7/8% notes also was increased, to $780 from $450.
The payout for each $1,000 principal amount of ECP notes remains unchanged at $450.
Holders who already have tendered their notes do not need to take any action to receive the increased amount.
Rep Uno is seeking consents to eliminate substantially all of the restrictive covenants and some events of default from the 8% notes.
Any 8% notes tendered before the early tender deadline may not be withdrawn after the deadline.
Settlement of the offers is dependent on receipt of tenders and consents from holders of at least a majority of the notes.
The maximum amount that Rep Uno may need to pay to settle the offers will be $74.6 million, assuming a settlement date of Nov. 8.
Morgan Stanley & Co. Inc. is the dealer manager and solicitation agent (212 761-5384 or toll-free 800 624-1808). Global Bondholder Services Corp. is the information agent (212 430-3774 or 866-873-5600).
Sanluis is a Mexico City-based auto parts manufacturer.
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