Lopez Holdings

 

Lopez Holdings tender offer for unrestructured debt ends

Lopez Holdings Corporation (PSE: LPZ) announced the expiration of its tender offer for unrestructured debt, which gave creditors the opportunity to sell approximately US$ 41 million back to the company at full face value.

Lopez Holdings offered to purchase for cash at their par value, any and all of its outstanding US$ 150,000,000 7.875% Notes (Eurobonds) due 2002 issued on June 19, 1997, and Series A-2 Long Term Commercial Papers (LTCPs) issued on September 17, 1996and October 1, 1996. In conjunction with the offer to purchase the LTCPs, the company undertook a consent solicitation for proposed amendments to the Trust Agreement dated September 12, 1996 covering the LTCPs.

The offer to purchase the Eurobonds began on August 2, 2011 (9 a.m., New York City) and expired on September 1, 2011 (5 p.m., New York City). ING Bank acted as Dealer Manager, and Bondholder Communications Group, LLC served as the Information and Tender Agent for the Eurobonds.

An aggregate principal amount of US$ 13.966 million of the Eurobonds, representing approximately 71% of the outstanding Eurobonds, were validly tendered and not validly withdrawn, all of which have been accepted for purchase by Lopez Holdings.

The offer to purchse the LTCPs and the consent solicitation began on August 3, 2011 (9 a.m., Manila) and expired on September 1, 2011 (5 p.m., Manila). Securities Transfer Services, Inc. served as the Information Agent for the offer to purchase the LTCPs and the consent solicitation.

The payment date for offers is expected on or around September 6, 2011.

A total of P785.3 million of LTCPs, representing approximately 91% of outstanding LTCPs, were validly tendered and not validly withdrawn. The company also received the consent of a majority of the LTCP holders for the proposed amendments to the Trust Agreement.

Unrestructured obligations of Lopez Holdings to-date at US$ 7.5 million, down from the high of US$ 560 million when the company declared a stansdstill in 2002.

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009
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