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CFG Investment S.A.C. - Tender Offer - Results

China Fishery Group Limited - Tender Offer Final Results Announcement


18 APRIL 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


"On April 3, 2023, the Company announced the initial results of the Offers in the Initial Results and Extension Announcement, pursuant to which the Company redeemed or purchased, as applicable, $8,337,632 of aggregate principal amount of Senior Secured Notes and $32,800,629 of aggregate principal amount of Second Lien Notes (such amount of Notes, the "Initial Settlement Amount"). The Company also extended the Offers until 16:00 (London time) on April 14, 2023 (the "Expiration Time") and increased the Maximum Payment Amount to $61,138,261 (which amount included the Initial Settlement Amount), offering to purchase or redeem, as applicable, for cash, up to an additional $20,000,000 aggregate principal amount of Notes (the Offers as so extended and upsized, the "Extended Offers"), at the Redemption Value of 135% of the outstanding aggregate principal amount with respect to the Senior Secured Notes, and at the Clearing Price of 80% of the outstanding aggregate principal amount of the with respect to the Second Lien Notes.


Final Results of the Extended Offers

The Extended Offers expired at the Expiration Time and no tenders submitted after the Expiration Time are valid. The table below sets forth the results of the Extended Offers received following 16:00 (London time) on April 14, 2023, according to information provided by Kroll Issuer Services Limited (the "Information and Tender Agent"), as of the Expiration Time:



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"Pursuant to the terms set forth in the Offer Memorandum, the Company has increased the Maximum Payment Amount to $75,445,319.21. The Company expects to accept for redemption all Senior Secured Notes tendered at the previously announced Redemption Value of 135% of the outstanding aggregate principal amount of the Senior Secured Notes, equivalent to an aggregate principal amount of $4,644,274.21, and to accept for purchase Second Lien Notes, on a pro rata basis, tendered at the previously announced Clearing Price of 80% of the outstanding aggregate principal amount of the Second Lien Notes, up to a maximum aggregate principal amount of $29,662,784.00. The settlement of the Extended Offers is expected to occur on or about April 20, 2023 (the "Settlement Date"). All Eligible Holders whose Notes are accepted for redemption or purchase will receive the Redemption Value or the Clearing Price, as applicable, plus Accrued Interest.


On the Settlement Date, after giving effect to the settlement of the Extended Offers, the Company and its subsidiaries are expected to have cash and cash equivalents of approximately $43 million."

 

CFG INVESTMENT S.A.C. ANNOUNCES INITIAL RESULTS, UPSIZE AND EXTENSION OF ITS OFFERS


03 APRIL 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


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"Initial Results of the Offers


The table below sets forth the results of the Offers, according to information provided by the Tender Agent, as of 16:00 (London time) on March 31, 2023:"


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"Upsize and Extension of the Offers


Pursuant to the terms set forth in the Offer Memorandum, the Company announced today that it is upsizing, amending and extending the Offers on the terms and conditions set forth herein (the "Extended Offers"). The Company has increased the Maximum Payment Amount to $61,138,261 (which amount includes the Initial Settlement Amount).


In addition to the Initial Settlement Amount, the Company is offering to purchase or redeem, as applicable, for cash, up to an additional $20,000,000 aggregate principal amount of Notes (in each case, excluding any accrued but unpaid interest, and such amount as may be modified by the Company in its sole discretion) tendered, with respect to the Second Lien Notes, at the Clearing Price of 80% of the outstanding aggregate principal amount of the Second Lien Notes and, with respect to the Senior Secured Notes, at the Redemption Value of 135% of the outstanding aggregate principal amount of the Senior Secured Notes. Notes will be purchased on a pro rata basis up to the Maximum Payment Amount. The expiration time for the Offers has been extend until 16:00, London Time, on April 14, 2023 (the "Expiration Deadline").


To participate in the Extended Offers, Eligible Holders must submit tenders to the Tender Agent at the Redemption Value or Clearing Price, as applicable."

 

CFG Investment S.A.C. Announces Offers


13 MARCH 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


"LONDON, March 13, 2023 /PRNewswire/ -- CFG Investment S.A.C. (the "Issuer") announces today that it is offering to (i) redeem for cash its Variable Rate Senior Secured Notes due 2032 (the "Senior Secured Notes") and (ii) purchase for cash its 10.00% Second Lien Notes due 2032 (together with the Senior Secured Notes, the "Notes") (each such offer, an "Offer," and together, the "Offers"), up to a maximum aggregate principal amount of U.S.$40,000,000 (such amount as may be modified by the Issuer in its sole discretion), from eligible holders of the Notes ("Holders") at redemption amounts or purchase prices, as applicable, to be determined pursuant to a modified Dutch auction, as further described in the offer memorandum dated as of March 13, 2023 (the "Offer Memorandum"). The Offer Memorandum is available upon request to the Tender Agent at the contact details set forth above, subject to applicable distribution restrictions and eligibility confirmations."


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