Thailand's Advance Agro holders tender $51.48 million 11% notes so far

By Angela McDaniels

Tacoma, Wash., Dec. 7 - Advance Agro PCL said it had received tenders for $51,475,000 principal amount, or 35.75%, of its $144,055,000 of 11% senior notes due 2012 as of 5 p.m. ET on Dec. 4, which was the early tender deadline in a modified Dutch auction tender offer and consent solicitation that began Nov. 20.

The company is offering to purchase up to $73.5 million of the notes and is soliciting consents to amend the note indenture. Those who tender must deliver consents.

For each $1,000 principal amount, the company will accept tender bids in the range of $985 to $1,000, including a $5 consent fee for those who tendered by the early deadline.

The tender offer will end at 5 p.m. ET on Dec. 16.

The consent deadline was originally 5 p.m. ET on Dec. 2 before being extended to Dec. 4.

The company said that $250 million of the notes was issued on Dec. 19, 2005.

GBR Information Services (212 644-1772) is the information, tender and consent agent.

Advance Agro is a Bangkok-based paper and pulp producer.

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