Controladora Mabe, S.A. de C.V. Announces Successful Receipt Of Requisite Consents With Respect To Its 7.875% Senior Guaranteed Notes Due 2019

Feb 08, 2016, 11:22 ET from Controladora Mabe, S.A. de C.V.

MEXICO CITY, Feb. 8, 2016 /PRNewswire/ -- Controladora Mabe, S.A. de C.V. (the "Company") announced today that it has received the requisite consents from the holders of US$344,837,000 in aggregate principal amount representing approximately 71.71% of its outstanding 7.875% Senior Guaranteed Notes due 2019 (the "Notes") as of 5:00 p.m., New York City time, on February 5, 2016 (the "Expiration Time"), pursuant to the Company's previously announced consent solicitation (the "Solicitation") dated January 25, 2016.

As a result of receiving the requisite consents, the Company has executed a supplemental indenture to the indenture governing the Notes and will pay to each holder of record of Notes as of 5:00 p.m., New York City time, on January 22, 2016 who delivered a valid consent in respect of such Notes prior to the Expiration Time, a consent fee of US$1.25 in cash for each US$1,000 principal amount of such Notes (the "Consent Fee"). The Consent Fee is expected to be paid on February 8, 2016.  The effectiveness of the proposed amendment set out in the Solicitation is subject to the Company delivering confirmation to the Trustee in writing that (1) the Consent Fee has been paid to each Holder entitled thereto and (2) the conditions of the Solicitation, including the consummation of the purchase by Qingdao Haier of General Electric Company's Major Appliances Division (such transaction, the "Acquisition") have been satisfied or waived by the Company. The Company has been informed by General Electric Company that the Acquisition is expected to be consummated in 2016, subject to the satisfaction of certain closing conditions.

J.P. Morgan Securities LLC acted as Solicitation Agent and D.F. King & Co., Inc. acted as Information and Tabulation Agent for the Solicitation.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Words such as "believe", "anticipate", "plan", "expect", "intend", "target", "estimate", "project", "forecast", "guideline", "should" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements.  Specific forward-looking statements include, among others, statements as to the Acquisition and the proposed amendment contemplated by the Solicitation and the expected payment of the Consent Fee. 

You should not place undue reliance on forward-looking statements, which are based on current expectations. Forward-looking statements are not guarantees of performance.  They involve risks, uncertainties and assumptions. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of such date, and we assume no obligation to update any forward-looking statement.

SOURCE Controladora Mabe, S.A. de C.V.