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Grupo IDESA - Exchange Offer - Settlement

Grupo IDESA, S.A. de C.V. Announces Settlement of Exchange Offer


01 MAY 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


"MEXICO CITY, May 1, 2023 /PRNewswire/ -- Grupo IDESA, S.A. de C.V. (the "Company") announced today the settlement on April 28, 2023 (the "Settlement Date") of the exchange offer and consent solicitation (the "Offer and Solicitation") for its 9.375% Senior Notes due 2026 (the "Existing Secured Notes") on the terms previously announced in the offering and solicitation memorandum dated March 28, 2023 (as supplemented from time to time, the "Offering Memorandum"). The Existing Secured Notes tendered in the Offer and Solicitation were exchanged for 6.500% Senior Notes due 2028 (the "New Secured Notes"). In addition, pursuant to the Offer and Solicitation, certain amendments to the terms and conditions of the Existing Secured Notes were adopted and became effective on the Settlement Date. The New Secured Notes were distributed to participating holders through DTC. The CUSIPs/ISINs for the New Secured Notes are 40053LAC9/US40053LAC90 (144A) and P4954WAC4/ USP4954WAC49 (Regulation S). Additionally, on April 21, 2023, the Company capitalized US$310 million (equivalent to MXP$5,615,805,000.00) of its outstanding debt with its main financial lender.


A total of US$287 million of the Existing Secured Notes (or approximately 92.2% of the outstanding principal amount thereof) were validly tendered in the Offer and Solicitation with (i) approximately US$117 million in aggregate principal amount of Existing Secured Notes electing Early A Consideration; (ii) approximately US$170 million in aggregate principal amount of Existing Secured Notes electing Early B Consideration, and (iii) the remainder of the Existing Secured Notes receive the Base Exchange Consideration. On the Settlement Date, Eligible Holders that elected Early A Consideration received approximately 86% and 14% of the Early A Consideration in cash and New Secured Notes, respectively. The New Secured Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws. Therefore, unless so registered, the New Secured Notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws."

 

Grupo IDESA, S.A. de C.V. Announces Expiration and Results for the Exchange Offer of its Existing Secured Notes for New Secured Notes and Cash Consideration


26 APRIL 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


"MEXICO CITY, April 25, 2023 /PRNewswire/ -- Grupo IDESA, S.A. de C.V. (the "Company") announced today the expiration and results of the exchange offer and consent solicitation (the "Offer and Solicitation") for its 9.375% Senior Notes due 2026 (the "Existing Secured Notes") on the terms previously announced in the offering and solicitation memorandum dated March 28, 2023 (as supplemented from time to time, the "Offering Memorandum"). The Offer and Solicitation expired at 5:00 pm, New York City time, on April 25, 2023 (the "Expiration Date"). The Existing Secured Notes tendered in the Offer and Solicitation will be exchanged for 6.500% Senior Notes due 2028 (the "New Secured Notes"). Settlement is expected to occur on April 28, 2023 (the "Settlement Date"), subject to the terms and conditions of the Offer and Solicitation. The Company also announced today that on April 21, 2023, it capitalized US$310 million (equivalent to MXP$5,615,805,000.00) of its outstanding debt with its main financial lender.


Based on information provided by the Exchange and Information Agent, as of the Expiration Date, approximately US$287 million of the Existing Secured Notes (or approximately 92.2% of the outstanding principal amount thereof) has been validly tendered in the Offer and Solicitation with (i) approximately US$117 million in aggregate principal amount of Existing Secured Notes electing Early A Consideration, (ii) approximately US$170 million in aggregate principal amount of Existing Secured Notes electing Early B Consideration, and (iii) the remainder of the Existing Secured Notes receiving the Base Exchange Consideration. On the Settlement Date, Eligible Holders that elected Early A Consideration will receive approximately 86% and 14% of the Early A Consideration in cash and New Secured Notes, respectively. Additionally, the Minimum Tender Condition was satisfied as of the Early Tender Date.


The New Secured Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws. Therefore, unless so registered, the New Secured Notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.


The Company has applied to list the New Secured Notes on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market. The CUSIP numbers for the New Secured Notes are 40053L AC9 (144A) and P4954W AC4 (Regulation S)."

 

Grupo IDESA, S.A. de C.V. Announces Results of Early Tender Participation in the Exchange Offer for its Existing Secured Notes for New Secured Notes and Cash Consideration


12 APRIL 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


"Global Bondholder Services Corporation, exchange and information agent for the Offer and Solicitation, advised the Company that as of 5:00 p.m., New York City time, on April 11, 2023 (the "Early Tender Date") approximately US$286 million in aggregate principal amount of Existing Secured Notes, representing approximately 92% of the outstanding Existing Secured Notes, were validly tendered with (i) approximately US$116 million in aggregate principal amount of Existing Secured Notes electing Early A Consideration and (ii) approximately US$170 million in aggregate principal amount of Existing Secured Notes electing Early B Consideration. Based on the aggregate principal amount of Existing Secured Notes tendered as of the Early Tender Date, Eligible Holders electing Early A Consideration will receive approximately 86% and 14% of the Early A Consideration in cash and New Secured Notes, respectively. Additionally, the Minimum Tender Condition was satisfied as of the Early Tender Date."

 

Grupo IDESA, S.A. de C.V. Announces Offer to Exchange Existing Secured Notes for New Secured Notes and Cash Consideration


28 MARCH 2023


Full announcement including disclaimers and offer restrictions available via prnewswire


"MEXICO CITY, March 28, 2023 /PRNewswire/ -- Grupo IDESA, S.A. de C.V. (the "Company") today announced the commencement of an exchange offer and consent solicitation (the "Offer and Solicitation") for any and all of its outstanding 9.375% Senior Notes due 2026 (the "Existing Secured Notes") held by Eligible Holders (defined below) for 6.50% Senior Notes due 2028 (the "New Secured Notes") to be issued by the Company and cash consideration, as applicable, and accrued and unpaid interest on the Existing Secured Notes through, but excluding, the settlement date of the Offer and Solicitation to be paid in cash."


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  • Grupo IDESA has announced an exchange offer and consent solicitation for its outstanding 9.375% Senior Notes due 2026 for 6.50% Senior Notes due 2028 and cash consideration.


  • Eligible Holders can choose between two options: Option A offers cash consideration and New Secured Notes while Option B offers only New Secured Notes - Subject to Early or Late submissions.


  • The New Secured Notes will mature on the fifth anniversary of the settlement date and will be fully and unconditionally guaranteed by Etileno XXI and other Subsidiary Guarantors.


  • The Offer and Solicitation are subject to certain conditions, including the requirement that the Company receive valid tenders of at least 85% of the aggregate outstanding principal amount of Existing Secured Notes.


  • The Offer and Solicitation will expire on April 25, 2023.


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