Abbott commences tender Offer and Consent Solicitation for CFR International SpA 5.125% Senior Notes due 2022
Posted: 16 December 2014 |
Abbott announced that its wholly-owned subsidiary, Abbott Laboratories (Chile) Holdco (Dos) SpA, a Chilean corporation (“ALH”), has commenced a tender offer (the “U.S. Notes Offer”), in which it is offering to purchase for cash any and all of the outstanding $300 million aggregate principal amount of 5.125% Senior Notes due 2022 (the “Notes”) issued by CFR International SpA…
Abbott (NYSE: ABT) today announced that its wholly-owned subsidiary, Abbott Laboratories (Chile) Holdco (Dos) SpA, a Chilean corporation (“ALH”), has commenced a tender offer (the “U.S. Notes Offer”), in which it is offering to purchase for cash any and all of the outstanding $300 million aggregate principal amount of 5.125% Senior Notes due 2022 (the “Notes”) issued by CFR International SpA, a Chilean corporation and subsidiary of ALH. In conjunction with the U.S. Notes Offer, ALH is soliciting consents to proposed amendments to the indenture governing the Notes (the “Proposed Amendments”) that will eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions. Holders who tender their Notes must consent to the Proposed Amendments, and no consents to the Proposed Amendments may be delivered without tendering the related Notes.
The U.S. Notes Offer will expire at 12 p.m., New York City time, on Jan. 14, 2015, unless extended or earlier terminated (the “Expiration Time”).
ALH is offering to pay:
- To holders who validly tender their Notes and consent to the Proposed Amendments before 5 p.m., New York City time, on Dec. 29, 2014, unless extended or earlier terminated (the “Early Payment Deadline”), $1,126.25 per $1,000 principal amount of Notes; and
- To holders who validly tender their Notes and consent to the Proposed Amendments after the Early Payment Deadline, but before the Expiration Time, $1,096.25 per $1,000 principal amount of Notes.
All Holders whose Notes are purchased in the U.S. Notes Offer will be paid accrued and unpaid interest on their purchased Notes to, but not including, the date of payment for their Notes.
The U.S. Notes Offer is subject to the satisfaction of certain conditions including: (i) consents to the Proposed Amendments from holders of at least a majority of the aggregate principal amount of the outstanding Notes, (ii) the Proposed Amendments becoming effective and (iii) certain other customary conditions. The U.S. Notes Offer is not conditioned on the receipt of financing.
The complete terms and conditions of the U.S. Notes Offer are described in the Offer to Purchase and Consent Solicitation dated Dec. 15, 2014, and the related Letter of Transmittal, copies of which may be obtained from Global Bondholder Services Corporation, the information agent for the U.S. Notes Offer and the consent solicitation, by calling 1-866-924-2200.
