| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Votorantim Participações SA > News item |
Brazil's Votorantim gets needed holder consents to amend 7.875% notes
By Susanna Moon
Chicago, Sept. 29 - Votorantim Participacoes SA said it received the required consents from holders of Votorantim Overseas Trading Operations III Ltd.'s $280.2 million of outstanding 7.875% notes due 2014.
The company was soliciting consents to substantially conform some provisions of the notes to the corresponding provisions in Votorantim Ltd.'s $750 million 6.75% senior notes due 2021 and its €750 million 5.25% senior notes due 2017.
The amendments also allow Voto III to be substituted as the issuer of the notes upon the satisfaction of certain conditions.
Votorantim previously announced on Sept. 21 that two other financing subsidiaries received the needed consents to amend their notes.
Voto-Votorantim Overseas Trading Operations IV Ltd. received the consents needed to amend its $400 million of outstanding 7.75% notes due 2020, and Voto-Votorantim Overseas Trading Operations V Ltd. received the consents needed to amend its $1 billion of outstanding 6.625% senior notes due 2019.
At that time, Voto-Votorantim Overseas Trading Operations III Ltd. extended the expiration date for the consent solicitation to 5 p.m. ET on Sept. 29.
As of 5 p.m. ET Sept. 20, the original expiration date, Voto-Votorantim III had received nearly enough consents to implement the proposed amendments.
The solicitation for each series of notes was subject to receiving consents from holders of 50% of that series.
The amendments will result in a substantially identical covenant package for the company's five outstanding series of senior notes, providing more flexibility and being less restrictive, according to a previous news release.
Holders who deliver consents will receive a cash payment of $1.50 per $1,000 principal amount.
The information agent is D.F. King & Co., Inc. (212 269-5550 or 800 628-8536). The solicitation agent is Bank of America Merrill Lynch (888 292-0070 or 646 855-3401).
Votorantim is a Sao Paulo, Brazil-based privately held conglomerate.
© 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.