Grupo Kuo Tender Reaches $230m

Mexico’s Grupo Kuo has received acceptance from holders of $230m, or 92.12%, of its $250m 9.75% 2017 bonds targeted in a tender offer, it says. The BB rated conglomerate’s acceptance rate at the December 14 deadline was only slightly higher than the $229m it had at the November 30 early deadline. Grupo Kuo offered holders $1,053.75 cash per $1,000 principal through the early deadline, and $1,023.75 per $1,000 through the final deadline. Credit Suisse managed the tender, and was joined by Citi and Bank of America Merrill Lynch on the sale of new 2022 NC5 bonds issued to fund it. The new 2022 bonds priced at par with a 6.25% coupon last month.