Petrotemex Gets 56% in Tender

Mexico’s Petrotemex has received acceptance from holders of $154m, or 56.06%, of its 9.50% 2014 bonds targeted a tender offer, it says. The Mexican petrochemical company’s acceptance rate at the August 10 deadline was only slightly higher than the 55.84% it had at the July 27 early deadline. Petrotemex offered holders $1,100 cash per $1,000 principal amount tendered. Holders who tendered by the early date received an extra $30 per $1,000.The company also obtained consents to amend the indenture relating to the existing notes, eliminating all of the company’s restrictive covenants. JPMorgan managed the process. The 2014 bonds were originally sold for $200m in 2009, and later reopened for $75m that same year, at an 8.832%yield. The bonds were trading at 111.5-112.5 in price Monday, according to a trader.