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Credivalores gets early tenders for $154.04 million of notes
By Marisa Wong
Los Angeles, Feb. 3 – Colombia’s Crediservicios SA (Credivalores) said it received tenders for $154,035,000, or 47.4%, of its $325 million outstanding 9¾% senior notes due 2022 (Cusip: 22555LAA4) as of 5 p.m. ET on Jan. 31, the early tender time of its previously announced cash tender offer.
Credivalores has accepted all of the early tendered notes for purchase, according to a press release.
As of the early tender time, however, Credivalores had not received consents from holders of a majority in principal amount of the notes outstanding.
As announced on Jan. 17, Credivalores is offering to purchase any and all the outstanding notes and also soliciting consents, through purchaser Credit Suisse Securities (USA) LLC, to amend the notes to, among other things, eliminate substantially all restrictive covenants.
The consent of holders of a majority of the outstanding notes is required to authorize the proposed amendments.
Holders may not tender notes without delivering consents and vice versa.
The purchase price will be $1,005 per $1,000 of notes.
Holders who tendered their notes by the early tender date will also receive an early tender payment of $50 per $1,000 of notes in addition to the purchase price.
Holders will also receive accrued interest.
The tender offer will expire at 11:59 p.m. ET on Feb. 14.
Tenders may no longer be withdrawn.
Credit Suisse intends to exchange existing notes purchased in the tender offer with Credivalores for new notes issued by Credivalores.
The information agent and tender agent is D.F. King & Co., Inc. (212 269-5550, 866 340-7108, credivalores@dfking.com).
The dealer managers and solicitation agents are Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147) and Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057).
The financial services company is based in Bogota, Colombia.
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