Grupo Famsa, S.A.B. de C.V. Announces Extension of Early Tender Deadline
November 08, 2019 at 08:03 pm
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Grupo Famsa, S.A.B. de C.V. (the "Issuer") announced the extension of the early participation period of its previously announced offer to exchange (the "Exchange Offer") newly issued 9.75% Senior Secured Notes due 2024 (the "New Notes") for any and all of its outstanding 7.250% Senior Notes due 2020 (the "Existing Notes"), and the related solicitation of consents (the "Consent Solicitation") of the holders of Existing Notes to certain proposed amendments to the indenture governing the Existing Notes. The Exchange Offer and Consent Solicitation are being conducted upon the terms and subject to the conditions set forth in the offering memorandum dated October 28, 2019 (as it may be amended or supplemented from time to time, the "Offering Memorandum"). In order to provide holders and beneficial owners of Existing Notes with additional time to receive and analyze the offering materials and tender their Existing Notes, the Issuer has decided to extend the Early Tender Deadline (as defined in the Offering Memorandum) to 5:00 p.m., New York City time, on November 15, 2019. On the terms and subject to the conditions set forth in the Offering Memorandum, Holders who validly tender Existing Notes by the Early Tender Deadline will receive the Total Consideration (as defined in the Offering Memorandum). The Exchange Offer and the Consent Solicitation will expire at 11:59 p.m., New York City Time, on November 25, 2019, unless extended or earlier terminated (such time and date with respect to the Exchange Offer, as the same may be extended, the "Expiration Date"). Holders who validly tender Existing Notes after the Early Tender Deadline will only receive the Exchange Consideration (as defined in the Offering Memorandum).
Grupo Famsa SAB de CV is a Mexico-based holding company primarily engaged in retail sector. The Company owns and operates a network of Famsa Mexico department stores located in Mexican cities, as well as Famsa USA stores established in the United States. Via its retail network, the Company is active in the import, distribution and sale of household appliances, furniture and consumer electronics, among others. Through Banco Ahorro Famsa SA Institucion de Banca Multiple, the Company is also involved in the provision of a variety of banking and sales financing services to its retail customers.