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Arcos Dorados accepts R$421.77 million early tenders for 10¼% notes
By Marisa Wong
Morgantown, W.Va., April 26 – Arcos Dorados Holdings Inc. said it has accepted for purchase R$421,765,000, or 67.29%, of its R$626,781,000 outstanding 10¼% real-denominated senior notes payable in dollars due 2016 that were tendered by 5 p.m. ET on April 21, the early tender time of its cash tender offer that began on April 8.
The company paid the total consideration of R$1,000 per R$1,000 principal amount, which includes an early tender payment of R$30 per R$1,000 of notes, plus accrued interest to but excluding April 26.
The total consideration was paid in dollars, calculated using the real/dollar commercial rate on April 20. The settlement rate is 3.5503 reais per dollar, making the total consideration in dollars $281.67 per R$1,000 principal amount. The total amount paid in dollars for the early tenders was $118,797,003.
The offer is scheduled to expire at 11:59 p.m. ET on May 5.
Tenders may no longer be withdrawn.
The offer is subject to the company having sufficient funds (in dollars) to purchase all of the tendered notes on the final settlement date. The offer is not, however, conditioned on any minimum number of notes being tendered.
The company said it is not soliciting consents to modify any of the covenants in the indenture governing the notes.
Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) and Itau BBA USA Securities, Inc. (212 710-6749 or 888 770-4828) are dealer managers. D.F. King & Co., Inc. (212 269-5550, 866 796-6867 or arcosdorados@dfking.com) is the information and tender agent.
Arcos Dorados is a Montevideo, Uruguay-based franchisee of McDonald’s restaurants.
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