Alfa, S.A.B. de C.V. ANNOUNCES SUCCESSFUL RECEIPT OF REQUISITE CONSENTS WITH RESPECT TO ITS CONSENT SOLICITATION AND CUSIP EXCHANGE OFFER FOR ITS 6.875% SENIOR NOTES DUE 2044
Alfa, S.A.B. de C.V. announced the successful receipt of requisite consents from holders of approximately 89.85% of its outstanding 6.875% Senior Notes due 2044. This allows the company to execute a supplemental indenture to amend the original indenture governing the Notes. The company will pay an Early Consent Fee of US$10.00 per US$1,000.00 principal amount to eligible holders who delivered valid consents before the Early Consent Deadline.
Additionally, Alfa plans to have Sigma Alimentos, S.A. de C.V. and certain subsidiaries provide a full and irrevocable guarantee of the Notes. Due to strong support, all outstanding Notes will benefit from these guarantees, maintaining the existing CUSIP numbers. The proposed amendments will become operative upon satisfaction of conditions, including shareholder approval of the spin-off of Alpek, S.A.B. de C.V.
Alfa, S.A.B. de C.V. ha annunciato di aver ricevuto con successo i consensi necessari da parte dei detentori di circa l'89,85% delle proprie 6,875% Senior Notes in scadenza nel 2044. Questo consente all’azienda di eseguire un atto aggiuntivo per modificare l'atto originale che regola le Note. L'azienda pagherà una Commissione per Consenso Anticipato di 10,00 USD per ogni 1.000,00 USD di capitale a favore dei detentori idonei che hanno inviato consensi validi prima della scadenza per il Consenso Anticipato.
Inoltre, Alfa prevede che Sigma Alimentos, S.A. de C.V. e alcune filiali forniscano una garanzia piena e irrevocabile delle Note. Grazie al forte sostegno, tutte le Note in circolazione beneficeranno di queste garanzie, mantenendo i numeri CUSIP esistenti. Le modifiche proposte diventeranno operative al soddisfacimento di condizioni, inclusa l'approvazione da parte degli azionisti dello spin-off di Alpek, S.A.B. de C.V.
Alfa, S.A.B. de C.V. anunció la recepción exitosa de los consensos requeridos de aproximadamente el 89.85% de sus 6.875% Senior Notes con vencimiento en 2044. Esto permite a la compañía ejecutar un contrato suplementario para enmendar el contrato original que rige las Notas. La compañía pagará una Tarifa por Consentimiento Anticipado de 10.00 USD por cada 1,000.00 USD de monto principal a los tenedores elegibles que entregaron consents válidos antes de la Fecha Límite de Consentimiento Anticipado.
Además, Alfa planea que Sigma Alimentos, S.A. de C.V. y ciertas subsidiarias brinden una garantía plena e irrevocable de las Notas. Debido al fuerte apoyo, todas las Notas pendientes se beneficiarán de estas garantías, manteniendo los números CUSIP existentes. Las enmiendas propuestas entrarán en vigor al cumplirse ciertas condiciones, incluida la aprobación de los accionistas para la escisión de Alpek, S.A.B. de C.V.
Alfa, S.A.B. de C.V.는 2044년 만기 6.875% Senior Notes의 약 89.85%를 보유한 채권자들로부터 필요한 동의를 성공적으로 받았다고 발표했습니다. 이는 회사가 노트를 관리하는 원래의 계약을 수정하기 위해 부속 계약을 실행할 수 있게 해줍니다. 회사는 조기 동의 마감일 전에 유효한 동의를 제출한 적격 소지자들에게 1,000.00 USD 당 10.00 USD의 조기 동의 수수료를 지불할 것입니다.
또한, Alfa는 Sigma Alimentos, S.A. de C.V.와 일부 자회사가 노트에 대한 완전하고 취소 불가능한 보증을 제공할 계획입니다. 강력한 지원 덕분에 모든 미결 노트는 이러한 보증의 혜택을 받고 기존의 CUSIP 번호를 유지합니다. 제안된 수정 사항은 조건을 충족한 후 효력을 발휘하며, 여기에는 Alpek, S.A.B. de C.V.의 분할에 대한 주주 승인도 포함됩니다.
Alfa, S.A.B. de C.V. a annoncé avoir reçu avec succès les consents requis de la part des détenteurs de près de 89,85% de ses 6,875% Senior Notes arrivant à échéance en 2044. Cela permet à l'entreprise d'exécuter un acte supplémentaire pour modifier l'acte original régissant les Notes. L'entreprise paiera des frais de consentement anticipé de 10,00 USD par tranche de 1 000,00 USD de montant principal aux détenteurs éligibles ayant fourni des consentements valides avant la date limite de consentement anticipé.
De plus, Alfa prévoit que Sigma Alimentos, S.A. de C.V. et certaines filiales fourniront une garantie pleine et irrévocable sur les Notes. Grâce à un fort soutien, toutes les Notes en circulation bénéficieront de ces garanties, tout en conservant les numéros CUSIP existants. Les amendements proposés entreront en vigueur après satisfaction de certaines conditions, y compris l'approbation des actionnaires pour la scission d'Alpek, S.A.B. de C.V.
Alfa, S.A.B. de C.V. hat den erfolgreichen Erhalt von notwendigen Zustimmungserklärungen von Inhabern von etwa 89,85% seiner ausstehenden 6,875% Senior Notes, die 2044 fällig werden, bekannt gegeben. Dies ermöglicht es dem Unternehmen, einen ergänzenden Vertrag zur Änderung des ursprünglichen Vertrages, der die Notes regelt, zu schließen. Das Unternehmen wird eine Frühzeitige Zustimmung Gebühr von 10,00 USD pro 1.000,00 USD Nennbetrag an berechtigte Inhaber zahlen, die vor der Frist für die Frühzeitige Zustimmung gültige Zustimmungen abgegeben haben.
Zusätzlich plant Alfa, dass Sigma Alimentos, S.A. de C.V. und einige Tochtergesellschaften eine vollständige und unwiderrufliche Garantie für die Notes übernehmen. Aufgrund starker Unterstützung werden alle ausstehenden Notes von diesen Garantien profitieren und die bestehenden CUSIP-Nummern beibehalten. Die vorgeschlagenen Änderungen werden wirksam, sobald bestimmte Bedingungen erfüllt sind, einschließlich der Zustimmung der Aktionäre zur Abspaltung von Alpek, S.A.B. de C.V.
- Received consents from 89.85% of noteholders, allowing execution of supplemental indenture
- Will pay Early Consent Fee of US$10.00 per US$1,000.00 principal amount to eligible holders
- All outstanding Notes will benefit from full and irrevocable guarantees by Sigma Alimentos and subsidiaries
- Proposed amendments and guarantees are contingent on shareholder approval of Alpek spin-off
Insights
This news is highly impactful for Alfa, S.A.B. de C.V. and its bondholders. The company has successfully received consents from
- Alfa will pay an Early Consent Fee of
$10 per$1,000 principal amount to eligible holders who consented before the deadline. - Sigma Alimentos and its subsidiaries will provide full guarantees for all outstanding notes, enhancing their credit profile.
- The amendments are contingent on shareholder approval of Alfa's spin-off of its stake in Alpek.
This move likely improves Alfa's financial flexibility and strengthens the notes' credit quality. The high consent rate indicates strong bondholder support for the company's strategic initiatives. Investors should monitor the upcoming shareholder vote on the Alpek spin-off, as it's important for these changes to take effect.
The successful consent solicitation has significant legal implications:
- Execution of the First Supplemental Indenture modifies the terms of the
$449,264,000 in outstanding notes. - All noteholders will be bound by the amendments once operative, even those who didn't consent.
- The addition of guarantees from Sigma Alimentos and subsidiaries materially changes the credit structure of the notes.
- The process complies with securities regulations, being offered only to qualified institutional buyers and non-U.S. persons.
The conditionality on shareholder approval for the Alpek spin-off adds a layer of complexity. Investors should be aware that while the consent threshold has been met, the amendments are not yet effective. This transaction demonstrates Alfa's proactive approach to liability management and corporate restructuring within legal frameworks.
As a result of receiving the Requisite Consents, the Company has executed a supplemental indenture to the Indenture (the "First Supplemental Indenture"). In the event that each of the other conditions to the Solicitation described in the Statement is satisfied or waived by the Company, including, but not limited to, the receipt by the Company of the requisite approval by the Company's shareholders (the "Spin-Off Approval Condition") of the spin-off (escisión), sale or other transfer of the Company's entire ownership stake in its subsidiary Alpek, S.A.B. de C.V., the Company will (i) pay to each Eligible Holder (as defined below), who has delivered a valid Consent in respect of such Notes prior to the Early Consent Deadline (and has not properly revoked such Consent prior to the Early Consent Deadline),
The Company will pay the Early Consent Fee promptly, which is expected to be two business days following the Expiration Time (as defined below) as described in the Statement. Eligible Holders of Notes for which no Consent was delivered prior to the Early Consent Deadline (or Notes for which a valid Consent was delivered, but such Consent was validly revoked prior to the Early Consent Deadline) or Notes for which Consent was delivered after the Early Consent Deadline, will not receive an Early Consent Fee, even though the First Supplemental Indenture and the Proposed Amendments, once operative, will bind all holders of the Notes (the "Holders") and their transferees.
The Proposed Amendments will not become operative unless and until the Spin-Off Approval Condition is satisfied and the Company has (a) consummated the Solicitation and (b) paid the Early Consent Fee and caused the Note Guarantees to be issued. All Holders will be bound by the Proposed Amendments once operative, even if they did not deliver Consents to the Proposed Amendments.
The Solicitation is being made to Holders of the Notes who are (a) "qualified institutional buyers" (as defined in Rule 144A under the
The Solicitation will expire at 11:59 p.m.,
The Company has engaged J.P. Morgan Securities LLC, Scotia Capital (
This press release is for informational purposes only and the Solicitation is only being made pursuant to the terms of the Statement. The Solicitation is not being made to, and Consents are not being solicited from, Holders of Notes in any jurisdiction in which it is unlawful to make such Solicitation or grant such Consent. None of the Company, the Note Guarantors, the Trustee, the Solicitation Agent or the Information and Tabulation Agent makes any recommendation as to whether or not Eligible Holders should deliver Consents. Each Eligible Holder must make its own decision as to whether or not to deliver its Consent.
Neither the Statement nor any documents related to the Solicitation have been filed with, and have not been approved, disapproved, or reviewed the content of the information of this release, or the accuracy, adequacy or truthfulness of the information contained herein, by any federal or state securities commission or regulatory authority of any country, including, but not limited, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores). No authority has passed upon the accuracy or adequacy of the Statement or any documents related to the Solicitation, and it is unlawful and may be a criminal offense to make any representation to the contrary. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Forward-Looking Statements
Some of the statements in this press release constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe", "anticipate", "plan", "expect", "intend", "target", "estimate", "project", "forecast", "guideline", "should" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. Specific forward-looking statements include, among others, statements as to the Proposed Amendments, the Note Guarantees and the expected payment of the Early Consent Fee.
You should not place undue reliance on forward-looking statements, which are based on current expectations. Forward-looking statements are not guarantees of performance. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. They involve risks, uncertainties and assumptions. Our future results may differ materially from those expressed in forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of such date, and we assume no obligation to update any forward-looking statement.
View original content:SOURCE Alfa, S.A.B. de C.V.
FAQ
What percentage of noteholders consented to Alfa's proposed amendments for its 6.875% Senior Notes due 2044?
What is the Early Consent Fee offered by Alfa for its 6.875% Senior Notes due 2044?
What condition must be met for the proposed amendments to Alfa's 6.875% Senior Notes due 2044 to become operative?
Who will provide guarantees for Alfa's 6.875% Senior Notes due 2044?
