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General Shopping Exchange Offer Gets Zero Tenders, $8.9M Notes Stay Outstanding
General Shopping's exchange offer for $8.9M in senior secured PIK toggle notes drew zero valid tenders, leaving the full amount outstanding under existing terms. The issuer may pursue other transactions.
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General Shopping e Outlets do Brasil said its exchange offer for $8.9 million in outstanding senior secured notes drew no valid tenders, leaving the full principal amount in place under existing terms.
The subsidiary General Shopping Investments Limited, a Cayman Islands entity, had offered holders of its 10%/12% Regulation S Senior Secured PIK Toggle Notes due 2026 a chance to swap debt for quotas in Clear Fundo de Investimento Imobiliário. Early tenders by July 2 would have fetched 5,523 quotas per $1,000 of notes; late tenders through the July 9 expiration would have received 5,021 quotas per $1,000.
None came in. The issuer accepted no notes for exchange, and no settlement will occur.
The $8,923,000 aggregate principal amount of Reg S Notes remains outstanding and continues to be subject to its existing terms and conditions, the company said in a statement.