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Former Quadra FNX starts change-of-control tender offer for 7¾% notes
New York, April 2 - KGHM International Ltd., formerly known as Quadra FNX Mining Ltd., said it will begin a change-of-control tender offer on Tuesday for its $500 million of 7¾% senior notes due 2019.
The offer is required following the acquisition of Quadra by 0929260 B.C. ULC, a subsidiary of Polish copper producer KGHM Polska Miedz SA, for C$2.9 billion.
KGHM and 0929260 are expected to merge by no later than Sept. 5, and the resulting company will assume the notes.
Under the tender, KGHM is offering to pay $1,010 per $1,000 principal amount for the notes, plus accrued interest up to but excluding the date of purchase.
The offer expires at 12 a.m. ET on May 3.
KGHM is based in Vancouver, B.C.
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