ADECOAGRO S.A. ANNOUNCES EARLY RESULTS OF CASH TENDER OFFER FOR UP TO US$100.0 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.000% SENIOR NOTES DUE 2027
Adecoagro S.A. has announced the early results of its cash tender offer for up to US$100 million aggregate principal amount of its 6.000% Senior Notes due 2027. As of the Early Tender Date on August 2, 2024, US$83,656,000 in aggregate principal amount of Notes had been validly tendered. The company will accept all validly tendered Notes and make payment on the Early Settlement Date of August 6, 2024.
Holders who tendered by the Early Tender Date will receive the Total Consideration of US$980.00 per US$1,000 principal amount, which includes an Early Tender Premium of US$30.00. The Tender Offer is not oversubscribed at this point. The offer expires on August 19, 2024, unless extended or terminated earlier.
Adecoagro S.A. ha annunciato i risultati preliminari della sua offerta di acquisto in contante per un ammontare totale di 100 milioni di dollari relativi ai suoi 6.000% Senior Notes in scadenza nel 2027. Fino alla Data di Anticipazione delle Offerte, il 2 agosto 2024, era stato validamente offerto un importo totale di 83.656.000 dollari in titoli. L'azienda accetterà tutti i titoli validamente offerti e procederà al pagamento nella Data di Liquidazione Anticipata, il 6 agosto 2024.
I titolari che hanno presentato l'offerta entro la Data di Anticipazione riceveranno un Importo Totale di 980,00 dollari per ogni 1.000 dollari di ammontare principale, che include un premio per l'anticipazione di 30,00 dollari. L'offerta non è sovrascritta a questo punto. L'offerta scade il 19 agosto 2024, a meno che non venga estesa o terminata prima.
Adecoagro S.A. ha anunciado los resultados preliminares de su oferta de compra en efectivo por un monto agregado de hasta 100 millones de dólares de sus Notas Senior del 6.000% con vencimiento en 2027. Hasta la Fecha de Oferta Temprana, el 2 de agosto de 2024, se había ofrecido válidamente un monto agregado de 83,656,000 dólares en Notas. La compañía aceptará todas las Notas válidamente ofrecidas y realizará el pago en la Fecha de Liquidación Temprana del 6 de agosto de 2024.
Los tenedores que ofrecieron para la Fecha de Oferta Temprana recibirán la Compensación Total de 980,00 dólares por cada 1,000 dólares de monto principal, que incluye una Prima por Oferta Temprana de 30,00 dólares. La oferta no está sobreejecutada en este momento. La oferta expira el 19 de agosto de 2024, a menos que se extienda o termine antes.
Adecoagro S.A.는 2027년 만기된 6.000% 장기채권에 대한 최대 1억 달러의 현금 입찰 제안의 조기 결과를 발표했습니다. 2024년 8월 2일의 조기 입찰 마감일 현재, 총 83,656,000 달러의 채권이 유효하게 입찰되었습니다. 회사는 모든 유효하게 입찰된 채권을 수락하고, 2024년 8월 6일의 조기 결제일에 지급합니다.
조기 입찰 마감일까지 입찰한 보유자들은 1,000달러당 980.00달러의 총 보상을 받게 되며, 여기에는 30.00 달러의 조기 입찰 프리미엄이 포함됩니다. 현재 이 입찰 제안은 초과 신청되지 않았습니다. 이 제안은 2024년 8월 19일에 만료되며, 연장되거나 조기에 종료되지 않는 한 유효합니다.
Adecoagro S.A. a annoncé les résultats préliminaires de son offre d'achat en numéraire pour un montant total pouvant atteindre 100 millions de dollars de ses Notes Senior à 6.000% arrivant à échéance en 2027. À la date limite de soumission anticipée, le 2 août 2024, un montant agrégé de 83.656.000 dollars en Notes avait été valablement soumis. La société acceptera toutes les Notes valablement soumises et procèdera au paiement à la date de règlement anticipé, le 6 août 2024.
Les détenteurs qui ont soumis une offre avant la date limite de soumission anticipée recevront la considération totale de 980,00 dollars pour chaque 1.000 dollars de montant principal, incluant une prime de soumission anticipée de 30,00 dollars. L'offre n'est pas sursouscrite à ce stade. L'offre expire le 19 août 2024, sauf prolongation ou résiliation anticipée.
Adecoagro S.A. hat die vorläufigen Ergebnisse seines Barübernahmeangebots für bis zu 100 Millionen US-Dollar Gesamtbetrag seiner 6.000% Senior Notes, die 2027 fällig werden, bekannt gegeben. Zum Stichtag für die vorzeitige Tender, dem 2. August 2024, wurden insgesamt 83.656.000 US-Dollar an Anleihen ordnungsgemäß angeboten. Das Unternehmen wird alle ordnungsgemäß angebotenen Anleihen akzeptieren und die Zahlung am vorzeitigen Abrechnungsdatum, dem 6. August 2024 leisten.
Inhaber, die bis zum Stichtag für die vorzeitige Tender angeboten haben, erhalten die Gesamtvergütung von 980,00 US-Dollar pro 1.000 US-Dollar Nennbetrag, die eine vorzeitige Tenderprämie von 30,00 US-Dollar umfasst. Das Angebot ist zu diesem Zeitpunkt nicht überzeichnet. Das Angebot endet am 19. August 2024, es sei denn, es wird vorher verlängert oder beendet.
- Strong early participation with US$83,656,000 of Notes tendered
- Tender Offer not oversubscribed, allowing full acceptance of early tenders
- Offering attractive Total Consideration of US$980.00 per US$1,000 principal amount
- Potential increase in debt service costs if new debt is issued at higher rates to fund the tender offer
- Reduction in outstanding debt may be viewed negatively by some investors preferring higher leverage
Insights
This tender offer by Adecoagro to repurchase up to
The strong early tender results, with
Adecoagro's tender offer demonstrates proactive liability management. By repurchasing bonds at a discount, the company is effectively deleveraging its balance sheet and reducing interest expenses. The
This transaction likely takes advantage of current market conditions, potentially due to rising interest rates making the 6% coupon relatively less attractive. For Adecoagro, this could lead to improved financial flexibility and potentially better terms on future debt issuances. However, investors should also consider the cash outlay required and its impact on the company's liquidity position.
The Tender Offer is being made upon the terms and subject to the conditions set forth in an offer to purchase, dated July 22, 2024 (the "Offer to Purchase"). Any capitalized term used but not defined in this press release has the respective meaning set forth in the Offer to Purchase.
The following table sets forth the material pricing terms of the Tender Offer:
Title of Security | CUSIP / ISIN | Principal Amount Outstanding | Tender Offer Consideration(1) | Early Tender Premium (2) | Total Consideration(3) | ||||||||
CUSIP No. 144A: 00676L AA4/ Reg. S: L00849 AA4 ISIN No. 144A: US00676LAA44/ Reg. S: USL00849AA47 | |||||||||||||
(1) | The amount to be paid for each | ||||||||||||
(2) | Per | ||||||||||||
(3) | The amount to be paid for each | ||||||||||||
Consideration
Holders who validly tendered their Notes at or prior to 5:00 p.m.,
Holders who validly tender Notes after the Early Tender Date but at or prior to 5:00 p.m., New York City time, on August 19, 2024 (such time and date, the "Expiration Date") will not be eligible to receive the Early Tender Premium and will therefore only be eligible to receive the Tender Offer Consideration of
Holders whose Notes are accepted for purchase pursuant to the Tender Offer will also be paid accrued and unpaid interest on the Notes ("Accrued Interest") up to, but excluding, the applicable Settlement Date (as defined below).
Early Settlement and Final Settlement
As of the Early Tender Date,
Assuming satisfaction or waiver of the conditions to the Tender Offer, the Issuer will accept for purchase all of the Notes validly tendered (and not validly withdrawn) in the Tender Offer at or prior to the Early Tender Date and intends to make payment in cash of an amount equal to the Total Consideration, plus Accrued Interest for all such Notes on August 6, 2024 (the "Early Settlement Date"). The Withdrawal Date of 5:00 p.m.,
Subject to the Maximum Tender Amount, the Issuer expects to settle all Notes not previously settled on the Early Settlement Date, if any, on or about the second business day following the Expiration Date (the Final Settlement Date"). Any references to "Settlement Date" refer to each of the Early Settlement Date and the Final Settlement Date as context may require.
Proration
The Tender Offer is not oversubscribed at the Early Tender Date. If the purchase of all Notes validly tendered after the Early Tender Date but at or prior to the Expiration Date (when combined with all Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Date) would cause the Issuer to accept for purchase an aggregate principal amount of Notes that exceeds the Maximum Tender Amount, then the Tender Offer will be oversubscribed at the Expiration Date and, assuming satisfaction or waiver of the conditions to the Tender Offer, the Issuer will purchase on the Final Settlement Date all Notes validly tendered after the Early Tender Date but at or prior to the Expiration Date and accepted for purchase, on a prorated basis according to the principal amount of such Notes, such that the Issuer purchases an aggregate principal amount of Notes that does not exceed the Maximum Tender Amount.
All tendered Notes not accepted will be promptly credited to the Holder's account with DTC or otherwise returned to the Holder without cost.
Conditions and Waiver
The Issuer's obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn pursuant to the Tender Offer is conditioned upon the satisfaction or, when applicable, waiver of certain conditions set forth in the Offer to Purchase.
The Issuer has the right to amend or terminate the Tender Offer at any time and to increase or decrease the Maximum Tender Amount in its sole discretion, subject to applicable law. If the Tender Offer is terminated at any time, the Notes tendered will be promptly returned to the tendering Holders without compensation or cost to such Holders and will remain outstanding. The Issuer reserves the right, in its sole discretion, to not accept any tenders of Notes for any reason. The Issuer and its affiliates reserve the absolute right, in their sole discretion, from time to time to redeem or purchase any Notes that remain outstanding after the Expiration Date through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise, upon such terms and at such prices as they may determine, which may be more or less than the price to be paid pursuant to the Tender Offer.
The Tender and Information Agent
Copies of the Offer to Purchase are available to Holders from D.F. King & Co., Inc., the tender agent and the information agent for the Tender Offer (the "Tender and Information Agent"). Requests for copies of the Offer to Purchase should be directed to D.F. King at +1 (800) 755-7250 (toll-free), (212) 269-5550 (collect) or adecoagro@dfking.com.
The Dealer Managers
The Issuer has engaged J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC to act as dealer managers (the "Dealer Managers") in connection with the Tender Offer. In such capacity, the Dealer Managers may contact Holders regarding the Tender Offer and may request brokers, dealers, commercial banks, trust companies and other nominees to forward the Offer to Purchase and related materials to beneficial owners of Notes. The Dealer Managers can be contacted at their telephone numbers set forth on the back cover page of the Offer to Purchase with questions regarding the Tender Offer.
Disclaimer
This press release must be read in conjunction with the Offer to Purchase. This press release and the Offer to Purchase contain important information that must be read carefully before any decision is made with respect to the Tender Offer. If any Holder is in any doubt as to the action it should take, it is recommended to seek its own legal, tax, accounting and financial advice, including as to any tax consequences, from its attorney, accountant or other independent financial or legal adviser. None of the Issuer, the Guarantors, the Dealer Managers, the Tender and Information Agent or any affiliate of such persons expresses any opinion as to whether the terms of the Tender Offer are fair to any Holder. Holders must make their own decision as to whether to tender any Notes and, if so, the principal amount of Notes to tender.
Neither the Offer to Purchase nor any related documents have been filed with the
Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the Notes or any other securities of the Issuer, the Guarantors or any of their affiliates in the
Important Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are information of a non-historical nature or that relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described in this press release will be consummated or as to the ultimate terms of any such transactions. Neither the Issuer nor the Guarantors undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
SOURCE Adecoagro S.A.
For questions please contact:
Victoria Cabello
IR Officer
Email: ir@adecoagro.com
About Adecoagro:
Adecoagro is a leading sustainable production company in
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SOURCE Adecoagro S.A.
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