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Durango again extends tender for series B step-up notes
By Susanna Moon
Chicago, Sept. 14 - Corporacion Durango SAB de CV again extended its tender offer for its series B step-up rate senior secured guaranteed notes due 2012.
The offer now ends at 5 p.m. ET on Sept. 28, extended from 5 p.m. ET on Sept. 14. It was previously set to expire Aug. 3, July 26 and July 19.
As of 5 p.m. ET on Sept. 13, investors had tendered $374,445,224, or 89.2%, of the notes. Of those, $359,730,986 of the notes, or 85.7% of the total outstanding, was tendered by the early participation date.
The response was up from $367,568,212, or 87.6%, of the notes on July 26 and from $364,671,818, or 86.9%, on July 19.
As previously announced, the Durango, Mexico, paper company is also soliciting consents to amend the note indenture and the common agreement to eliminate certain covenants and related events of default.
Durango said it will pay 103.125% for the notes, including a 3.125% early participation payment for those who tendered by the early deadline of 5 p.m. ET on July 5.
Those who tender will also receive accrued interest to the settlement date.
The company needed consents from holders of a majority of notes.
The offer is conditioned upon the execution of a supplemental indenture, tenders from holders of a majority of notes and the receipt of at least $520 million of proceeds from a note issue as well as shareholder approval. Shareholder approval has now been obtained and the supplemental indenture has been executed.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the dealer manager (attn: Liability Management Group at 888 654-8637 or call collect 212 449-4914). Global Bondholder Services Corp. is the information agent (866 794-2200 or call collect 212 430-3774).
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