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January 3, 2008 |
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GRUPO GIGANTE: Completes Tender Offer on US$260-Mln Senior Notes Grupo Gigante, S.A.B. de C.V. reported that its previously announced cash tender offer and consent solicitation for its outstanding US$260 million 8.75% Senior Notes due 2016 expired at 8:00 a.m., New York City time, on Dec. 27, 2007. Gigante received tenders from the holders of US$237,580,000 aggregate principal amount (or approximately 91.4%) of the outstanding Notes. Gigante accepted for payment all of the Notes tendered prior to the Expiration Date. Settlement for all tendered Notes is expected to occur on Dec. 28, 2007. As previously announced, Gigante received the required consents from holders to eliminate or modify substantially all the covenants and certain events of default and to modify the provisions relating to defeasance of the Notes contained in the indenture governing the Notes. As a result of obtaining the required consents, on Dec. 12, 2007, Gigante and the guarantors executed a supplemental indenture with The Bank of New York, as trustee, effectuating the Proposed Amendments. The tender offer and consent solicitation was made pursuant to Gigante's Offer to Purchase and Consent Solicitation Statement dated Nov. 28, 2007, as supplemented on Dec. 10, 2007, and was subject to the satisfaction or waiver of certain conditions, including the consummation of the proposed transaction between Gigante and Tiendas Soriana S.A. de C.V. Although the Transaction has not yet been consummated, Gigante has waived this condition. Citi acted as Dealer Manager for the tender offer and the consent solicitation. The Depositary and the Information Agent was Global Bondholder Services Corporation. Requests for documentation must be directed to Global Bondholder Services Corporation at (866) 794-2200. Questions regarding the tender offer and the consent solicitation must be directed to the Dealer Manager at (800) 558-3745 (toll-free) or (212) 723- 6108 (collect). About Grupo Gigante With over 600 units in Mexico, Grupo Gigante, S.A. de C.V., is a public Mexican trade company, which operates in the Mexican Stock Market -- Bolsa Mexicana de Valores. Through its subsidiaries, Gigante has developed leading chains of supermarkets, family restaurants, and specialized commerce, for 43 years. Its saubsidiaries include 'Gigante', which contains formats including: 'Gigante' (Hypermarkets), 'Super Gigante' (Supermarkets), 'Super Maz' and 'Bodega' (Warehouses), all of them supermarket chains, as well as 'Cafeterias Toks, S.A. de C.V.,' a specialized family restaurant chain. With its partners, Grupo Gigante has also established joint ventures, developing Office Depot de Mexico, S.A. de C.V., a Mexican leader chain store of office and school supplies, and Radio Shack de Mexico, S.A. de C.V., an exclusive format with presence throughout the Mexican Republic, that offers a wide assortment of electronic equipment and accessories. * * * As reported on July 13, 2007, Fitch Ratings affirmed the 'BB' foreign and local currency Issuer Default Ratings of Grupo Gigante S.A.B. de C.V., as well as the 'BB' rating of the company's US$260 million Senior Notes due 2016. Fitch said the rating outlook is stable. |
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