Petra subsidiary releases early tender results, amends offer terms

Petra Diamonds has announced early tender results and the amendment of offer terms for its subsidiary’s invitation to buy senior secured second lien notes due 2026.
The group’s wholly-owned subsidiary, Petra Diamonds US Treasury (PDUST) invited holders to submit tenders to sell to the offeror for $336.7-million in aggregate notional principal amount of the senior secured second lien notes up to a maximum consideration of $ 150 million.
It said all conditions to the offer as of the early participation deadline of 26 September, including, without limitation, the transaction conditions, have been satisfied or waived by the offeror.
The subsidiary will accept for purchase valid tenders of notes under the offer before the early participation deadline.
It said the notional principal amount of notes that have been validly tendered by noteholders before the early participation deadline and are accepted for payment by the offeror is $125.6-million.
The acceptance consideration will be increased to $175 million concerning amendments to the terms of the offer.
Meanwhile, the offeror has amended the terms of the offer, which saw the acceptance consideration being increased to $175 million and all noteholders who validly tender their notes after the early participation deadline but before the expiration deadline will be eligible to receive the total consideration of $1,010 per $1,000 principal amount of notes.
The total cash purchase price to be paid by the offeror on the early settlement date is $145.1-million.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished