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BRMalls extends early deadline, amends modified Dutch auction for 9¾% perpetuals
By Jennifer Chiou
New York, Dec. 10 - BRMalls Participacoes SA said its wholly owned finance subsidiary, BRMalls International Finance Ltd., extended the early participation deadline and modified its cash tender offer for some of the issuer's $175 million of 9¾% perpetual notes at a purchase price set by a modified Dutch auction.
The early deadline is now 5 p.m. ET on Dec. 23, extended from Dec. 9. The withdrawal date is now also Dec. 23.
BRMalls also increased the maximum tender amount to $72 million from $30 million while augmenting the minimum tender condition to $72 million.
Payout will be set on a base price of $500 per $1,000 principal amount of notes plus a clearing premium based on the bid price by holders who tender their notes. Each bid price must fall within the range of $500 to $600.
If investors tender more than $72 million principal amount of notes, the issuer will first accept for purchase notes tendered at a bid premium less than the clearing premium.
The issuer will pay accrued interest.
Each bid price submitted will include an early participation payment of $25 per note for those who tender by the early deadline.
The tender offer is scheduled to expire at 11:59 p.m. ET on Dec. 23. It began on Nov. 25.
The offer is conditioned upon the receipt of at least $72 million principal amount of notes, a currency exchange rate between the Brazilian real and the dollar of less than R$2.40 for $1.00 on the expiration date and the absence of certain decreases in specified stock market indexes. The offer is not conditioned on financing.
Citi (800 558-3745 or collect 212 723-6108) is dealer manager. Deutsche Bank Trust Co. Americas (800 735-7777) is the depositary and information agent. Deutsche Bank Luxembourg SA is the Luxembourg tender agent.
BRMalls is a Rio de Janeiro-based owner and operator of shopping malls.
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