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Remy Cointreau tenders for 5.2%, 6½% notes with asset sale proceeds
New York, May 10 - Remy Cointreau SA said it has started an asset sale tender offer for its €200 million 5.2% senior notes due 2012 and €175 million 6½% senior notes due 2010.
The Paris-based maker of distilled spirits is offering to buy up to €144.1 million total of notes, a sum equal to the cash proceeds from asset sales. If the offer is oversubscribed, the tenders will be reduced.
Holders will receive par in cash plus accrued interest up to but excluding the settlement date.
The offer ends at 11 a.m. ET on June 8.
Remy Cointreau is also asking holders of the 5.2% notes to waive terms of the notes so that the company can pay a dividend of up to €50 million for the fiscal year ending March 31, 2007 and the same amount in the following fiscal year.
Consents are needed from holders of a majority of the notes.
If approved, all holders will receive a cash payment of €10 per €1,000 principal amount. However investors who participate in the asset sale offer will not be eligible since the payment will be made after the asset sale offer is complete.
A meeting will be held at 6:30 a.m. ET on June 15 at Remy Cointreau's office in Cognac, France. Voting instructions must be delivered to paying agent BNP Paribas Securities Services by 11 a.m. ET on June 8.
Remy Cointreau also said it plans to redeem the 6½% notes; they become callable on July 1 at 103.25.
Banc of America Securities LLC (888 292 0070 of 704 388 9217) and Bank of America Securities Ltd. (+44 (0) 20 7174 4057) are dealer managers and solicitation agents. D.F. King & Co., Inc. is information agent (800 431 9642, 212 269 5550 (collect) or +44 (0) 20 7920 9700).
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