Fibria Sees Strong Tender Response

Fibria Celulose has received valid tenders from holders of $509m of its outstanding 7.50% 2020 bonds as of an early acceptance deadline, it says. In addition, the Brazilian pulp and paper producer has increased the tender cap to $510m. It launched the offer targeting up to $500m earlier this month, offering holders a clearing price to be determined through a modified Dutch auction process. Each holder that tenders notes specifies a bid price within the $1,000-$1,060 bid range, which represents the minimum consideration such holder is willing to receive per $1,000 principal tendered. The total consideration includes an early tender payment of $50 for each $1,000 tendered before the June 22 early deadline. The tender expires July 9. Deutsche Bank and Citigroup managed. There is about $1.87bn outstanding in the 2020 bonds.