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BRMalls terminates modified Dutch auction for 9¾% perpetuals
By Jennifer Chiou
New York, Jan. 21 - BRMalls Participacoes SA said it terminated the modified Dutch auction tender offer for up to $72 million of its $175 million 9¾% perpetual notes.
The offer deadline previously was extended to 5 p.m. ET on Jan. 21 from 11:59 p.m. ET on Dec. 23.
The offer was being carried out through BRMalls' wholly owned finance subsidiary, BRMalls International Finance Ltd.
The payout was to be set using a base price of $500 per $1,000 principal amount of notes plus a clearing premium based on the bid prices submitted by tendering noteholders. Each bid price was to have fallen between $500 and $600.
The company was also to pay accrued interest.
If investors had tendered more than $72 million of notes, the issuer would have first accepted for purchase notes tendered at a bid premium less than the clearing premium.
The early participation deadline for the offer was extended to coincide with the expiration date, so each bid price submitted was to include an early participation payment of $25 per note.
The offer began on Nov. 25 and was conditioned on the receipt of at least $72 million 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 was not conditioned on financing.
Citi (800 558-3745 or 212 723-6108) was dealer manager. Deutsche Bank Trust Co. Americas (800 735-7777) was the depositary and information agent. Deutsche Bank Luxembourg SA was the Luxembourg tender agent.
BRMalls is a Rio de Janeiro-based owner and operator of shopping malls.
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