Mexico's CIE gets needed consents for 8 7/8% notes

By Jennifer Chiou

New York, Feb. 1 - Corporacion Interamericana de Entretenimiento, SAB de CV (CIE) announced the receipt of the required consents to amend its $185.55 million of 8 7/8% senior notes due 2015.

The Mexico City-based live event producer is soliciting consents to amend the indenture to eliminate or modify substantially all of the restrictive covenants, certain events of default and related provisions.

By the early deadline of 5 p.m. ET on Jan. 31, holders of $145.96 million, or 78.7%, of the notes had tendered and delivered consents.

CIE said it entered into a supplemental indenture.

The offer ends at midnight ET on Feb. 15. It began on Jan. 17.

The company said it will pay $1,055 for each $1,000 principal amount of notes. Those who tender by the early deadline will receive the $30 early tender premium, which is included in the payout.

CIE said it will also pay accrued interest up to the settlement date.

The company is looking for holders of a majority of notes to deliver consent and said it intends to execute a supplemental indenture upon receipt of the required consents.

The offer is conditioned on sufficient financing.

Citi is the dealer manager (800 558-3745 or call collect 212 723-6108). Global Bondholder Services Corp. is the information agent (866 794-2200). The Luxembourg agent is Dexia Banque Internationale a Luxembourg (352 4590 1).

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