In addition, the Tendered Notes represent consents sufficient to effect all of the proposed amendments to the indenture governing the Notes as set forth in the Statement. The Proposed Amendments include, among others, eliminating substantially all of the restrictive covenants and certain events of default, as well as reducing the minimum notice period required for optional redemptions of the Notes to three days on the terms and subject to the conditions set forth in the Statement. The Company plans to execute a supplemental indenture (the "Supplemental Indenture") effecting the Proposed Amendments to the indenture governing the Notes.
The Company has accepted for purchase all Notes validly tendered and not validly withdrawn prior to the Early Tender Date. Holders who validly tendered and did not validly withdrew their Notes prior to the Early Tender Date will receive a Total Consideration of $1,015.5 per $1,000 principal amount of Notes tendered and accepted for purchase by the Company, which includes an early tender consideration of $30 per $1,000 principal amount of Notes, on or about August 4, 2021 (the "Early Settlement Date"). On the Early Settlement Date, the Company will also pay accrued and unpaid interest on the Notes accepted for purchase from the last applicable interest payment date for the Notes up to, but excluding, the Early Settlement Date.
The Company's obligation to pay for the Tendered Notes is subject to the satisfaction or waiver of certain conditions, which are more fully described in the Statement. The condition that the Company should have completed its concurrent offering of senior guaranteed notes, yielding net cash proceeds, sufficient to fund the Total Consideration of all Notes (regardless of the actual amount of Notes tendered), was satisfied with the closing of the Company's and NG PET R&P Latin America S.A.'s offering of 3.500% Senior Guaranteed Notes due 2028 today.
The Offer is scheduled to expire at 11:59 p.m., New York City time, on August 16, 2021, unless extended or earlier terminated by the Company (the "Expiration Time").
(Source: PR Newswire)
