Fondo MIVIVIENDA S.A. Reveals Early Tender Results for Cash Offer of Up to $375 Million
Fondo MIVIVIENDA S.A. (the "Issuer") has just announced significant early tender results through its intermediary, Scotia Capital (USA) Inc. (the "Offeror"). This follows their recently publicized cash tender offer, which aims to purchase up to $375,000,000 worth of the Issuer's 4.625% Notes due in 2027. The details of this offer were clarified in a document released on March 10, 2026, and have been subject to certain terms and conditions that potential participants need to review.
The early tender deadline was set for 5:00 PM on March 23, 2026, in New York City. Notably, since this deadline has now passed, any notes that were validly tendered during this period can no longer be withdrawn. According to a report from Global Bondholder Services Corporation, the agent overseeing the tender process, it's been confirmed that as of the early tender date, valid tenders totaling approximately $467,414,000 have been received. This impressive figure represents around 77.90% of the total outstanding notes, indicating a strong interest from noteholders.
To summarize the payment terms associated with the notes, here’s a breakdown:
Due to the total principal amount of notes tendered surpassing the maximum purchase limit, the Offeror will only accept $374,999,000 of the tendered notes. This will result in a proration factor of approximately 0.77941000, meaning not all notes tendered can be purchased due to the capped total amount.
Looking ahead, the current offer is set to expire at 5:00 PM on April 13, 2026, unless a change is announced. Under the terms of the offer, payment for the accepted notes is expected to take place the following day, March 25, 2026. Those holders of notes whose tenders were valid, and who didn't withdraw before the early tender date, will receive the total consideration mentioned earlier alongside any accrued and unpaid interest.
The tender offer is being initiated on behalf of Fondo MIVIVIENDA S.A., which has consented to Scotia Capital proceeding with the purchase offer. Furthermore, it’s noteworthy that the notes tendered may also be exchanged for new notes in a forthcoming offering, which will comply with the relevant securities laws.
However, the offer and the related documentation have not been filed or approved by the Superintendencia del Mercado de Valores in Peru, nor have they been recognized under Peru's regulations. Consequently, the offer is not being treated as a public offering (oferta pública) within Peru, and documents will not be distributed to the general public there.
Interested parties seeking further clarification can reach out to J.P. Morgan Securities LLC or Scotia Capital directly, who are overseeing the tender process. Moreover, potential noteholders can also access additional information about the offer by contacting the Global Bondholder Services Corporation.
In conclusion, this early tender result exemplifies the strong interest investors show toward Fondo MIVIVIENDA's offerings. The participation rate and the responses from investors reflect confidence in the organization and its strategic initiatives going forward.
The early tender deadline was set for 5:00 PM on March 23, 2026, in New York City. Notably, since this deadline has now passed, any notes that were validly tendered during this period can no longer be withdrawn. According to a report from Global Bondholder Services Corporation, the agent overseeing the tender process, it's been confirmed that as of the early tender date, valid tenders totaling approximately $467,414,000 have been received. This impressive figure represents around 77.90% of the total outstanding notes, indicating a strong interest from noteholders.
To summarize the payment terms associated with the notes, here’s a breakdown:
- - Series of Notes: 4.625% Notes due 2027
- - CUSIP/ISIN Numbers: 344593 AF5 and US344593AF57P42009 AE3 and USP42009AE34
- - Outstanding Principal Amount: $600,000,000
- - Offer Consideration: $957 per $1,000
- - Early Tender Payment: $50
- - Total Consideration: $1,007
- - Maximum Purchase Amount: $375,000,000
Due to the total principal amount of notes tendered surpassing the maximum purchase limit, the Offeror will only accept $374,999,000 of the tendered notes. This will result in a proration factor of approximately 0.77941000, meaning not all notes tendered can be purchased due to the capped total amount.
Looking ahead, the current offer is set to expire at 5:00 PM on April 13, 2026, unless a change is announced. Under the terms of the offer, payment for the accepted notes is expected to take place the following day, March 25, 2026. Those holders of notes whose tenders were valid, and who didn't withdraw before the early tender date, will receive the total consideration mentioned earlier alongside any accrued and unpaid interest.
The tender offer is being initiated on behalf of Fondo MIVIVIENDA S.A., which has consented to Scotia Capital proceeding with the purchase offer. Furthermore, it’s noteworthy that the notes tendered may also be exchanged for new notes in a forthcoming offering, which will comply with the relevant securities laws.
However, the offer and the related documentation have not been filed or approved by the Superintendencia del Mercado de Valores in Peru, nor have they been recognized under Peru's regulations. Consequently, the offer is not being treated as a public offering (oferta pública) within Peru, and documents will not be distributed to the general public there.
Interested parties seeking further clarification can reach out to J.P. Morgan Securities LLC or Scotia Capital directly, who are overseeing the tender process. Moreover, potential noteholders can also access additional information about the offer by contacting the Global Bondholder Services Corporation.
In conclusion, this early tender result exemplifies the strong interest investors show toward Fondo MIVIVIENDA's offerings. The participation rate and the responses from investors reflect confidence in the organization and its strategic initiatives going forward.
Topics Financial Services & Investing）
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