General Shopping tenders for up to $90 million of 10% perpetual notes

By Wendy Van Sickle

Columbus, Ohio, July 11 – General Shopping e Outlets do Brasil SA said wholly owned subsidiary GS Finance II Ltd. began a tender offer for up to $90 million of General Shopping Finance Ltd.’s $164.2 million of outstanding 10% perpetual notes.

The total purchase price will be $950 for each $1,000 principal amount of notes tendered by 5 p.m. ET on July 24, the early tender date.

Those who tender after the early deadline will receive the tender offer payment of $930 per $1,000 principal amount of notes.

The company also will pay accrued interest to but excluding the settlement date.

The tender offer will end at 11:59 p.m. ET on Aug. 7. Tendered notes may be withdrawn by the early tender date.

The tender offer is subject to a financing condition and a $60 million minimum tender condition.

Settlement for all notes is expected to occur about two business days after completion of the offer.

BofA Merrill Lynch (800 292-0070 of 646 855-8988) and Itau BBA USA Securities, Inc. (888 770-4828 or 212 710-6749) are the dealer managers.

D.F. King & Co., Inc. (212 269-5550 or 866 751-6310) is the tender and information agent.

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

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