Chile’s Masisa begins tender offer for up to $100 million of 9½% notes

By Marisa Wong

Morgantown, W.Va., Jan. 6 – Masisa SA said it has begun a tender offer to purchase for cash up to $100 million of its $300 million outstanding 9½% senior notes due 2019.

The offer will expire at 11:59 p.m. ET on Feb. 3.

Holders must tender their notes by 5 p.m. ET on Jan. 20, the early tender deadline, in order to be eligible to receive the early tender payment in addition to the purchase price. Including the $50 early tender payment, the total consideration is $950 per $1,000 principal amount.

Holders tendering their notes after the early deadline will only be eligible to receive the purchase price of $900 per $1,000 principal amount.

The company will also pay accrued interest to but excluding the settlement date, which is expected to occur on Feb. 4.

Tenders may be withdrawn prior to 5 p.m. ET on Jan. 20.

If the aggregate principal amount of notes tendered exceeds the maximum tender amount, Masisa expects to accept for purchase a pro rata amount of notes.

Masisa said it reserves the right to increase the tender cap at any time.

The offer is not conditioned on any minimum participation by the noteholders or on obtaining any financing.

J.P. Morgan Securities LLC (attn.: Latin America debt capital markets, 866 846-2874, 212 834-7279) and Scotia Capital (USA) Inc. (attn.: debt capital markets, 800 372-3930, 212 225-5714) are the dealer managers for the offer. D.F. King & Co., Inc. (banks and brokers 212 269-5550, all others 800 283-2170) is the information and tender agent.

Masisa is a Santiago, Chile-based producer of wood boards and other wood products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.