By Taylor Fox
New York, Oct. 14 – Arcos Dorados Holdings Inc. announced the final results of its offer to exchange any and all existing $348,069,000 of 6 5/8% notes due 2023 (Cusips: G0457FAD9, 03965UAB6) for 5 7/8% notes due 2027, according to a news release.
As of the 11:59 p.m. ET Oct. 13 expiration time, $131,476,000, or 37.77%, of the old notes were validly tendered and not validly withdrawn.
As previously reported, as of the 5 p.m. ET Sept. 28 early participation time, $126,601,000, or 36.37%, of the old notes were validly tendered and were not validly withdrawn.
The company was offering a total consideration of $1,055.00 of new notes per $1,000 principal amount of existing notes to holders who tendered by the early deadline, which includes an early tender premium of $50 that will not be paid to holders who tendered after the early deadline.
Holders of old notes who tendered after the early deadline will receive $1,005 per $1,000 of notes tendered and accepted for exchange.
The company expects to issue $138,354,000 of new notes.
The company priced a $150 million add-on to its previously issued $265 million 5 7/8% senior notes due 2027, and the notes issued under the exchange will be an addition to those notes.
Cash will be paid in lieu of any fractional portion less than $1,000 principal amount of a new note issued and for accrued interest.
Global Bondholder Services Corp. (212-430-3774, 866 470-3900 or contact@gbsc-usa.com) is the information and exchange agent.
Buenos Aires-based Arcos Dorados is the world’s largest McDonald’s franchisee.
| Issuer: | Arcos Dorados Holdings Inc.
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| Issue: | Exchange notes issued as add-on to senior notes
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| Amount: | $138,354,000
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| Maturity: | April 4, 2027
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| Coupon: | 5 7/8%
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| Distribution: | Rule 144A and Regulation S
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| Previous amount: | $415 million, including $265 million of notes priced in 2017 and $150 million add-on priced in September
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