Stock News 2012: Cavitex Finance launches tender offer for $160-M MCTR notes

Cavitex Finance Corp. has launched a cash tender offer to buy the $160-million 12-percent notes due 2022 that the Manila Cavite Toll Road Finance Co. (MCTR) issued in 2010.

Cavitex is a Cayman-based company owned by a group led by businessman Luis J.L Virata.

The tender offer will run until March 30 unless extended or terminated by the purchaser. A total of 160 million remains of the outstanding notes.

The total consideration for each $1,000 principal outstanding amount of notes validly tendered is the price equal to $1,000 plus accrued and unpaid interest from the last payment date but not including the settlement date.

Cavitex said the total consideration includes an early tender premium of $30 per $1,000 principal outstanding amount of notes payable.

In line with the tender offer, Cavitex is soliciting consents of the noteholders to enact certain proposed amendments in order to eliminate most of the restrictive covenants.

The tender offer and consent solicitation are conditioned upon the holders of notes representing more than 90 percent of the aggregate amount of notes outstanding.

Bank of America Merrill Lynch is the manager for the tender offer and consent solicitation.

http://www.philstar.com/Article.aspx?articleId=785119&publicationSubCategoryId=66

Stock News 2011: MRC Allied raising P1 B via private placement

MRC Allied Inc. may opt to sell shares via private placement to raise about P1 billion for its mine exploration activities instead of the earlier planned P750-million primary common or preferred share offering.

In an informal briefing, MRC chief finance officer Vicente Laza said they are more inclined towards the fastest means to raise fresh funds since they want to start exploration activities in their two recently acquired mine sites as early as possible.

Since the private placement of shares will dilute existing shareholder, Laza said it’s a possibility that the firm’s major shareholder, Menlo Capital Corporation will be one of the investors in the private placement.

He explained that a rights offering will take at least six months to complete and stringent requirements for rights offers will not give them the flexibility to rechannel funds for the acquisition of more mine sites if the opportunity arises.

MRC chief information officer Miguel Bitanga said they are looking to acquire more mining properties in the next five months with a target of buying three more mine sites this year.

http://www.mb.com.ph/node/298364/mrc-allied-rai