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Jamaican Govt announces an exchange offer for Clarendon Alumina Production Limited
Edited by : AL CIRCLE
2 min read
The Government of Jamaica announced today that it has commenced an offer to exchange with Eligible Holders of the 8.50% amortizing notes due 2021 issued by Clarendon Alumina Production Limited 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 .
In conjunction with the Exchange Offer, CAP announced today that it has 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. on June 17, 2013 (the “Alumina Sales Agreement”), pursuant to which CAP will provide and perfect a security interest with respect to the 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., for the benefit of Noble upon the successful completion of the Exchange Offer and Consent Solicitation.
Only holders of CAP Notes that have properly completed and returned the holder eligibility letter (which is available at http://www.bondcom.com/CAP or can be obtained by contacting the information and exchange agent) and that satisfy the criteria therein, which we refer to as “Eligible Holders,” are authorized to receive and review the Invitation Statement and to participate in the Exchange Offer and the Consent Solicitation.
In conjunction with the Exchange Offer, CAP announced today that it has 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. on June 17, 2013 (the “Alumina Sales Agreement”), pursuant to which CAP will provide and perfect a security interest with respect to the 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., for the benefit of Noble upon the successful completion of the Exchange Offer and Consent Solicitation.
Only holders of CAP Notes that have properly completed and returned the holder eligibility letter (which is available at http://www.bondcom.com/CAP or can be obtained by contacting the information and exchange agent) and that satisfy the criteria therein, which we refer to as “Eligible Holders,” are authorized to receive and review the Invitation Statement and to participate in the Exchange Offer and the Consent Solicitation.
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