Frigorífico Concepción S.A. Announces Successful Results of Consent Solicitation

CONCEPCIÓN, Paraguay, July 20, 2020 /PRNewswire/ -- Frigorífico Concepción S.A. (the "Company") announced today that it has received the Requisite Consents (as defined below) as of 5:00 p.m., New York City time, on July 17, 2020 (the "Expiration Time"), according to Global Bondholder Services Corporation, the Information and Tabulation Agent, for its consent solicitation announced on July 10, 2020 (the "Consent Solicitation") relating to its 10.25% Senior Secured Notes due 2025 (the "Notes").  The Consent Solicitation expired on the Expiration Time.

The Company expects to pay the Consent Payment promptly to holders of Notes whose consents were validly delivered and accepted by the Company at or prior to the Expiration Time in accordance with the Consent Solicitation Statement dated July 10, 2020 (the "Consent Solicitation Statement") prepared by the Company in connection with the Consent Solicitation.  The Consent Payment is expected to be paid on or about July 20, 2020.  The Default Waiver will become effective when the Consent Payment has been paid.

The Notes were originally issued on January 29, 2020 in an aggregate principal amount of US$100,000,000. As of the date of the Consent Solicitation Statement, US$100,000,000 in aggregate principal amount of the Notes remained outstanding.

The proposed Default Waiver required valid consents from holders of not less than a majority in aggregate principal amount of the outstanding Notes to become effective (the "Requisite Consents").

As of the Expiration Time, the approximate percentage of the outstanding principal amount of the Notes for which the Company had received and accepted consents is as follows:

Capitalized terms used but not defined in this communication have the meanings specified in the Consent Solicitation Statement.

This announcement is for informational purposes only and is not a solicitation of consents of any holders of Notes. The solicitation of consents of holders has only been made pursuant to the Consent Solicitation Statement.

Oppenheimer & Co. Inc. is the Solicitation Agent in connection with the Consent Solicitation. Global Bondholder Services Corporation is the Information and Tabulation Agent in connection with the Consent Solicitation.     

NONE OF THE SOLICITATION AGENT, THE TRUSTEE, THE COLLATERAL AGENT, THE INFORMATION AND TABULATION AGENT NOR ANY OF THEIR RESPECTIVE DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS OR REPRESENTATIVES HAS MADE ANY RECOMMENDATION AS TO WHETHER HOLDERS SHOULD HAVE DELIVERED CONSENTS TO THE PROPOSED AMENDMENTS AND THE WAIVER PURSUANT TO THE CONSENT SOLICITATION, AND NO ONE HAS BEEN AUTHORIZED BY ANY OF THEM TO MAKE SUCH A RECOMMENDATION. EACH HOLDER MUST MAKE ITS OWN DECISION AS TO WHETHER TO GIVE A CONSENT.

The Consent Solicitation Statement is available from the Information and Tabulation Agent. The Information and Tabulation Agent for the Consent Solicitation is:

Global Bondholder Services Corporation
65 Broadway – Suite 404
New York, New York 10006
Attn: Corporate Actions
Banks and Brokers call: +1 212 430-3774
Toll free: +1 866-470-4200
By facsimile:
(For Eligible Institutions only):
+1 212 430-3775/3779
Confirmation:
+1 212 430-3774
Email: [email protected]

Any questions regarding the terms of the Consent Solicitation should be directed to the Solicitation Agent or the Information and Tabulation Agent at their respective addresses and telephone numbers set forth on this communication. Requests for additional copies of the Consent Solicitation Statement or any other related documents may also be directed to the Information and Tabulation Agent.

The Solicitation Agent for the Consent Solicitation is:

Oppenheimer & Co. Inc.
85 Broad Street
New York, New York 10004
Attention: Debt Capital Markets
+1 212 667-7424

Frigorífico Concepción S.A.
Ruta Cnel. Rafael Franco, Camino Aeropuerto Km. 6.5
Concepción
Paraguay

SOURCE Frigorífico Concepción S.A.