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Clarendon Alumina recommends participation in the Exchange Offer by Jamaican Government
Edited by : AL CIRCLE
2 min read
On July 31, 2013, The Government of Jamaica announced an offer to exchange with Eligible Holders of the 8.50% amortizing notes due 2021 issued by Clarendon Alumina Production Limited ("CAP") and guaranteed by Jamaica. Jamaica is offering to exchange any and all CAP Notes held by such Eligible Holders for 8.50% amortizing notes due 2021 to be issued by Jamaica pursuant to the invitation to the exchange and consent solicitation statement, dated July 31, 2013.
In conjunction with the Exchange Offer, CAP commenced a solicitation of consents to amend certain provisions of the fiscal agency agreement under which the CAP Notes were issued, which will have the effect of eliminating certain covenants, change of control restrictions and events of default contained in the CAP Fiscal Agency Agreement that afford protection to the holders of the CAP Notes.
The Exchange Offer and the Consent Solicitation are being carried out in connection with an alumina sales agreement that was entered into between CAP and Noble Resources Ltd. ("Noble") on June 17, 2013 (the "Alumina Sales Agreement"), pursuant to which CAP will provide and perfect a security interest for the benefit of Noble over the approximately 45% interest it holds as a co-tenant in common in the assets of Jamalco, a joint venture with Alcoa Minerals of Jamaica, an indirect subsidiary of Alcoa Inc. This security interest will be granted upon the successful completion of the Exchange Offer and Consent Solicitation.
CAP announced today that it recommends that Eligible Holders participate in the Exchange Offer because CAP considers it to be in its best interests for the Exchange Offer to be successfully consummated.
Bondholder Communications Group, LLC has been appointed as the information and exchange agent for the Exchange Offer and the Consent Solicitation.
In conjunction with the Exchange Offer, CAP commenced a solicitation of consents to amend certain provisions of the fiscal agency agreement under which the CAP Notes were issued, which will have the effect of eliminating certain covenants, change of control restrictions and events of default contained in the CAP Fiscal Agency Agreement that afford protection to the holders of the CAP Notes.
The Exchange Offer and the Consent Solicitation are being carried out in connection with an alumina sales agreement that was entered into between CAP and Noble Resources Ltd. ("Noble") on June 17, 2013 (the "Alumina Sales Agreement"), pursuant to which CAP will provide and perfect a security interest for the benefit of Noble over the approximately 45% interest it holds as a co-tenant in common in the assets of Jamalco, a joint venture with Alcoa Minerals of Jamaica, an indirect subsidiary of Alcoa Inc. This security interest will be granted upon the successful completion of the Exchange Offer and Consent Solicitation.
CAP announced today that it recommends that Eligible Holders participate in the Exchange Offer because CAP considers it to be in its best interests for the Exchange Offer to be successfully consummated.
Bondholder Communications Group, LLC has been appointed as the information and exchange agent for the Exchange Offer and the Consent Solicitation.
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