Thailand's Advance Agro again boosts payment in tender for 11% notes

By Angela McDaniels

Tacoma, Wash., Jan. 4 - Advance Agro PCL said it further increased the payment on offer in the modified Dutch auction tender offer for up to $73.5 million of its $144,055,000 of 11% senior notes due 2012 and extended the expiration date.

Holders who wish to tender should indicate a price of between $980 and $1,020 per $1,000 principal amount of notes.

Advance Agro was originally accepting offers to sell in the range of $980 to $995 per $1,000 principal amount and later changed this to between $980 and $1,015 per $1,000 principal amount.

Holders will also receive a $5 consent fee if they tendered by the consent deadline.

The expiration date is now 5 p.m. ET on Jan. 15. It was previously extended to Dec. 31 from Dec. 16.

As of 5 p.m. ET on Dec. 31, approximately $50,075,000 principal amount, or 34.76%, of the notes had been tendered and not withdrawn.

Approximately $51,675,000 principal amount, or 35.87%, of the notes had been tendered as of Dec. 16, and the figure was $51,475,000 principal amount, or 35.75%, as of Dec. 2.

The offer began on Nov. 20.

In addition to buying the notes, Advance Agro is soliciting consents to amend the note indenture. Those who tender must deliver consents.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.