Brazil’s General Shopping tallies final tenders for 10% perpetuals

By Rebecca Melvin

Concord, N.H., Feb. 2 – General Shopping e Outlets do Brasil SA’s wholly owned subsidiary, General Shopping Finance Ltd., announced the final tender result for its Jan. 4 offer to purchase up to $40 million, including interest, of the outstanding 10% perpetual notes (Cusip: 370835AB6), according to a news release on Wednesday.

As of 11:59 p.m. ET on Feb. 1, the company received valid tenders from holders of notes in an aggregate amount of $18,286,000. The offer will not be subject to proration, because participation did not exceed the maximum acceptance amount.

There had been $115.9 million of the notes outstanding.

The purchase price is $800 for each $1,000 principal amount of notes, which includes a $30 per note early tender premium.

The company will also pay accrued interest to but excluding the settlement date, which is expected to occur on Feb. 3.

General Shopping is based in Sao Paulo and operates shopping malls.

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