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Thailand's Advance Agro holders tender $40.77 million of 11% notes
By Angela McDaniels
Tacoma, Wash., March 4 - Advance Agro PCL received tenders for $40,765,000 principal amount of its $144,055,000 of 11% senior notes due 2012 during a modified Dutch auction tender offer that expired at 5 p.m. ET on March 2, according to a company news release.
The company said it will accept all of the tendered notes and will purchase them for $1,020 per $1,000 principal amount.
Following the settlement date, which is expected to be March 9, $103.29 million principal amount of notes will remain outstanding.
The company was also soliciting consents to amend the indenture governing the notes, but it did not receive enough consents to do so.
Holders who tendered were asked to indicate a price of between $980 and $1,030 per $1,000 principal amount of notes.
The company raised the payment on offer twice. The range had been increased from $980 to $1,025 per note, and Advance Agro was originally accepting offers to sell in the range of $980 to $995 per $1,000 principal amount.
According to a previous news release, holders will also receive a $5 consent fee if they tendered by the consent deadline, which was originally 5 p.m. ET on Dec. 2 before being extended to Dec. 4.
The offer began on Nov. 18 and was extended multiple times from the original deadline, Dec. 16.
As of 5 p.m. ET on Feb. 16, holders had tendered and not withdrawn $40,665,000 principal amount, or 28.23%, of the outstanding notes.
The company said that $250 million of the notes was issued on Dec. 19, 2005.
GBR Information Services (212 644-1772) was the information, tender and consent agent.
Advance Agro is a Bangkok-based paper and pulp producer.
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