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Chile’s Cencosud gives results of tender for 5½% notes, 4 7/8% notes
By Susanna Moon
Chicago, July 18 – Cencosud SA said it received tenders for $492,853,000 of its $750 million 5½% senior notes due 2021 and $882,156,000 of its $1.2 billion 4 7/8% senior notes due 2023 as of 5 p.m. ET on July 11.
Cencosud accepted for purchase all of the 5½% notes and $257,147,000 of the 4 7/8% notes, according to a company notice on Tuesday.
As announced on June 27, the company was tendering for up to $750 million of the two series of notes, with any and all of the 2021 notes and up to a maximum amount of the 2023 notes equal to $750 million less the amount of 2021 notes tendered.
The purchase price for the 2021 notes will be $1,098.75 for each $1,000 principal amount.
For the 2023 notes the total purchase price is $1,082.50 for each $1,000 principal amount, which includes a $30.00 early tender payment per $1,000 of notes tendered by the early deadline of 5 p.m. ET on July 11.
The any-and-all offer for the 2021 notes ended at 5 p.m. ET on July 11.
The tender for the 2023 notes offer had been set to end at 11:59 p.m. ET on July 25 but was oversubscribed as of the early deadline.
For the 4 7/8% notes, the maximum purchase amount was the offer cap less the amount of the any-and-all notes tendered.
The company will also pay accrued interest to but excluding the payment date.
The offers contained a financing condition and a minimum tender condition.
Cencosud closed $1 billion principal amount of 4 3/8% senior notes due 2027 on Monday with proceeds slated to fund the offer.
J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) and BofA Merrill Lynch (646 855-8988 or 888 292-0070) are the dealer managers.
Global Bondholder Services Corp. (866 470-3800, 212 430-3774 or gbsc-usa.com/Cencosud/) is the information agent.
Cencosud is a Santiago, Chile-based retail company.
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