Grupo Posadas, S.A.B. de C.V. Announces the Results of Its Tender Offer for Its Outstanding 8-3/4% Senior Notes Due 2011
MEXICO CITY, April 14 /PRNewswire/ -- Grupo Posadas, S.A.B. de C.V. (BMV: POSADAS), a variable capital corporation (sociedad anonima bursatil de capital variable) organized under the laws of the United Mexican States (the "Company"), announced today the results of its offer to purchase for cash (the "Tender Offer") any and all of its outstanding 8-3/4% Senior Notes due 2011 (CUSIP Nos. 400489AD2, 400489AB6, P4983GAH3 and P4983GAJ9)) (the "Notes") and the solicitation of consents (the "Consent Solicitation") from the holders of the Notes, upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated March 17, 2008 (the "Offer to Purchase") and in the related Consent and Letter of Transmittal (the "Letter of Transmittal" and together with the Offer to Purchase, the "Offer Documents"). The Tender Offer and Consent Solicitation expired at 12:00 midnight, New York City time, on Friday, April 11, 2008 (the "Expiration Date"). The Company has been advised by the tender agent and information agent that, as of the Expiration Date, of the US$225,000,000 in aggregate principal amount of Notes outstanding, US$189,217,000, or approximately 84.1%, had been validly tendered and not validly withdrawn pursuant to the Tender Offer. The Company has accepted for purchase all Notes validly tendered and not validly withdrawn pursuant to the Tender Offer. On the Settlement Date, which is expected to be Wednesday, April 16, 2008, the Company will cause registered holders of the Notes ("Holders") who validly tendered and did not validly withdraw their Notes prior to or at 5:00 p.m., New York City time, on Friday, March 28, 2008 (the "Consent Date") to receive the total consideration (the "Total Consideration") of US$1,050 per US$1,000 principal amount of such Notes, plus accrued and unpaid interest from the last interest payment date preceding the Tender Offer to, but not including, the Settlement Date for such Notes. The Total Consideration includes a consent payment of US$15.00 per US$1,000 principal amount of such Notes (the "Consent Payment"). The Total Consideration minus the Consent Payment is referred to as the "Offer Price." On the Settlement Date, the Company will cause Holders who validly tendered and did not validly withdraw their Notes after 5:00 p.m., New York City time, on the Consent Date and prior to 12:00 midnight, New York City time, on the Expiration Date to receive the Offer Price, which does not include the Consent Payment, plus accrued and unpaid interest from the last interest payment date preceding the Tender Offer to, but not including, the Settlement Date for such Notes. As a result of the Company's acceptance of the tendered Notes, the supplemental indenture implementing the proposed amendments to the indenture dated as of October 4, 2004 under which the Notes were issued, as described in the Offer to Purchase, will become effective as of the Settlement Date. The Company has engaged Credit Suisse Securities (USA) LLC to act as the Dealer Manager and Solicitation Agent in connection with the Tender Offer and Consent Solicitation, and D.F. King & Co., Inc. to act as the tender agent and information agent for the Tender Offer and Consent Solicitation. The Notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer is only being made pursuant to the Offer to Purchase and the related Letter of Transmittal. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. The Tender Offer is not being made to any holders of Notes in the United Kingdom. The Tender Offer is being made only to specified eligible holders of Notes, as set forth in the Offer to Purchase. Restrictions on the Tender Offer may also apply in other jurisdictions. The Tender Offer and Consent Solicitation is not being made to, and tenders of Notes and Consents by Holders will not be accepted from, any person in any jurisdiction that requires that the Tender Offer or the Solicitation or the distribution of the Offer Documents be made by a licensed broker or dealer. About the Company Grupo Posadas, specializing for over 37 years in providing high-quality hotel services aimed at covering the specific needs of its hotel customers, currently operates 102 hotels and approximately 18,800 rooms in some of the most important and most highly visited urban and coastal destinations in Mexico, the United States and South America. Grupo Posadas operates under its Aqua, Fiesta Americana Grand, Fiesta Americana, Fiesta Americana Vacation Club, Fiesta Inn, One Hotel, Caesar Park, Caesar Business and The Explorean brands. Grupo Posadas' shares have been quoted and traded on the Mexican Stock Exchange since 1992 under the ticker symbols "POSADASA" and "POSADASL." In addition, Grupo Posadas' Series A and Series L shares are quoted and traded in the U.S. PORTAL market under the ticker symbols "GRPALP" and "GRPYP," respectively. For additional information, visit its website at www.posadas.com. Forward-Looking Statements This press release contains statements about future events that are subject to different risks and uncertainties; it is important to note that past results do not assure or guarantee the behavior of future results. There are a significant number of factors that may cause real results to materially differ from plans, objectives, expectations, estimations and intentions expressed, such as declarations about future events. Grupo Posadas, S.A.B. de C.V. does not assume any obligation to update any of the declarations as a result of new information, future actions or other related events.
SOURCE Grupo Posadas, S.A.B. de C.V.
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