Mexico's GEO gets tenders for $195.22 million of 8 7/8% notes so far

By Angela McDaniels

Tacoma, Wash., March 20 - Corporacion GEO SAB de CV said holders had tendered and delivered consents for $195,218,000 principal amount, or 78.09%, of its 8 7/8% senior notes due 2014 as of 5 p.m. ET on March 19, the early tender and consent time.

A tender offer and consent solicitation for the notes began on March 9.

The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants.

The total purchase price is $1,085 for each $1,000 principal amount of notes. This includes a $30 early tender fee for notes tendered by the early tender and consent time.

The tender offer will end at 11:59 p.m. ET on April 4.

The offer is conditioned on the receipt of enough proceeds from one or more debt offerings.

The company expects to settle notes tendered by the early tender time before the final settlement date, which is slated for April 6, according to a company news release.

Citigroup Global Markets Inc. (800 558-3745), J.P. Morgan Securities LLC (866 846-2874) and Santander Investment Securities Inc. (212 407-0995) are the lead dealer managers. Global Bondholder Services Corp. (866 470-4500) is the information agent.

GEO is a Mexico City-based homebuilder.

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