Argentina's Loma Negra, Caue Finance push back early tender deadline

By Susanna Moon

Chicago, July 12 - Loma Negra Compania Industrial Argentina SA and Caue Finance Ltd. said they extended the early deadline for their cash tender offers and consent solicitations for two series of notes to 5 p.m. ET on July 19.

Holders had tendered $49.53 million, or 49.5%, of Loma Negra's 7¼% senior notes due 2013 and Caue Finance's $91,842,000, or 61.2%, of 8 7/8% senior notes due 2015 as of the original early tender deadline at 5 p.m. ET on July 11.

As a result, Caue Finance received the needed consents to execute a supplemental indenture. Adoption of the proposed amendments for the 8 7/8% notes required consents by holders of more than half of the outstanding notes.

For the 7¼% notes, adoption of the proposed amendments requires the approval of holders of more than half, or two-thirds for certain amendments, of the notes present or represented at the noteholder meeting on July 26 and requires a quorum.

As of the initial deadline, Loma Negra had received the required consents to establish a quorum to hold a meeting.

The offers will end at 8 a.m. ET on July 26. They began on June 28.

Each series is guaranteed by parent company Camargo Correa SA and InterCement Brasil SA.

As previously noted, the companies are soliciting consents to adopt proposed amendments to the indentures to eliminate substantially all restrictive covenants and certain event of default provisions.

Those who tender by the consent deadline will receive $1,175 per $1,000 principal amount of 8 7/8% notes, including a $165 tender premium and an early tender fee of $10.

The companies will pay $1,170 per $1,000 principal amount of 7¼% notes, including a $60 tender premium and an early tender fee of $10.

Payment also will include accrued interest.

Holders who tender their notes must also deliver consent and vice versa.

Bank of America Merrill Lynch (888 292-0070 or 646 855-3401) is the dealer manager and solicitation agent, and D.F. King & Co., Inc. (212 269-5550 or 800 859-8508) is the information agent.

Loma Negra makes cement, concrete and lime products and is based in Buenos Aires. Caue Finance is based in George Town, Grand Cayman.

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