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Brazil's Minerva Overseas gets tenders for $125.52 million 9½% notes
By Susanna Moon
Chicago, Oct. 5 - Minerva SA said its subsidiary, Minerva Overseas II Ltd., received tenders and consents for $125,517,000 principal amount, or 78.74%, of the 9½% notes due 2017 issued by Minerva Overseas Ltd. by 11:59 p.m. on Oct. 1, the expiration date.
Minerva previously said investors had tendered $124,417,000 principal amount, or 78.05%, of the notes as of 5 p.m. ET on Sept. 28, the early participation date for the private exchange offer and consent solicitation for the notes that began Sept. 7.
The consents allowed the company to amend the indenture to eliminate some provisions, including substantially all of the restrictive covenants and events of default, and provide for an issuer substitution provision.
Those who tendered their notes were deemed to have delivered consent.
Minerva Overseas II accepted all of the notes tendered by the early deadline for exchange.
The company was offering 10 7/8% notes due 2019.
Holders who tendered by the early participation date received $990.476 of 10 7/8% notes for each $1,000 of 9½% notes.
Those who tendered after that time and prior to the offer expiration will get $952.381 of 10 7/8% notes for each $1,000 of 9½% notes.
Holders will also receive accrued interest up to but excluding the exchange date in cash.
Holders had to tender enough 9½% notes to result in the issuance of at least $50,000 principal amount of 10 7/8% notes. This was previously lowered from $100,000.
The 10 7/8% notes are an add-on to the $250 million of notes issued by Minerva Overseas II on Jan. 29, 2010.
The offer was only made to qualified institutional buyers, institutional accredited investors and non-U.S. persons, each as defined under the Securities Act of 1933.
D.F. King & Co., Inc. (212 269-5550 or 800 549-6746) was the information agent and exchange agent.
Minerva is a Sao Paulo, Brazil-based meat-processing company.
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