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Peru’s Pesquera Exalmar now offers 8% notes, $18.40 cash in exchange
By Susanna Moon
Chicago, Jan. 24 – Pesquera Exalmar SA said it is now offering new 8% senior notes due 2025 in exchange for its $170 million 7 3/8% senior notes due 2020.
The amended interest rate reflects an increase of 37.5 basis points from the rate of 7 5/8% initially offered, following further discussions with noteholders, according to a press release.
The company also increased the cash payment being offered to $18.40 for each $1,000 principal amount, up $8.40 from $10.00.
As a result, the company is offering $1,000 principal amount of new 8% senior notes due 2025 and $18.40 in cash for each $1,000 principal amount of notes tendered for exchange.
The exchange offer will now continue until 11:59 p.m. ET on Feb. 6, extended from 11:59 p.m. ET on Jan. 23.
Finally, the company also decided to waive the majority tender condition.
The company said on Jan. 9 that it extended the early deadline to coincide with the end of the offer at 11:59 p.m. ET on Jan. 23.
The company originally said on Dec. 22 that the early premium would be offered only to holders who exchanged their notes by the early deadline of 5 p.m. ET on Jan. 8.
After that, the company had planned to issue $970 of new notes with no cash payment.
New notes will be issued in minimum denominations of $200,000.
The company is also soliciting consents to some amendments to the note indenture to eliminate substantially all of the restrictive covenants and certain events of default and related provisions.
Holders who tender notes for exchange must also deliver their consents to the amendments.
The exchange offer and consent solicitation were originally conditioned on at least a majority of the outstanding principal amount of notes being exchanged.
D.F. King & Co., Inc. (877 283-0318 or 212 269-5550) is acting as information agent and exchange agent. Pesquera Exalmar is a San Isidro, Peru, fish company.
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