RIO DE JANEIRO, May 26, 2016 /PRNewswire/ -- Boldini, Ltd. ("Boldini") announced today the expiration of its previously announced offer (the "Exchange Offer") to exchange any and all of its outstanding 3.60% Export Ship Financing Obligations, 2011 Series, due July 19, 2035 (CUSIP No. 09751W AA9) (the "Original Obligations") for its 3.85% Export Ship Financing Obligations, 2016 Series, due January 19, 2036 (CUSIP No. 09751W AB7) (the "Exchange Obligations").
As of 5:00 p.m., New York City time, on May 26, 2016 (the "Expiration Date"), U.S.$ 236,420,000 aggregate principal amount of the Original Obligations, representing 97.41% of the outstanding Original Obligations, had been validly tendered and not withdrawn. All of these Original Obligations have been accepted for exchange.
Boldini expects to deliver the Exchange Obligations as promptly as possible after the Expiration Date, and no later than July 19, 2016. Following settlement of the Exchange Offer, Boldini expects there will be U.S.$ 6,277,000 principal amount of Original Obligations outstanding and U.S.$ 236,420,000 principal amount of Exchange Obligations outstanding. The Original Obligations will be retired through thirty nine future level payments of principal on each January 19 and July 19 beginning July 19, 2016 until July 19, 2035, with each payment equal to approximately U.S.$ 160,949, and the Exchange Obligations will be retired through thirty two future level payments of principal on each January 19 and July 19 beginning July 19, 2020 until January 19, 2036, with each payment equal to approximately U.S.$ 7,388,125.
Alvarez & Marsal Securities, LLC acted as the Dealer Manager for the Exchange Offer.
The offering and issuance of the Exchange Obligations is exempt, pursuant to Section 3(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), from the registration requirements of the Securities Act.
Certain Information Regarding the Exchange Offer
This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, the Exchange Obligations or any other security of Boldini or an offer to buy or the solicitation of an offer to sell Original Obligations or any other security of Boldini.
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SOURCE Boldini, Ltd.