Arcos Dorados, the world’s largest independent McDonald’s franchisee, came close to hitting its target in a tender offer for its international 2029 sustainability-linked bonds launched.
Investors holding $135 million of the $350 million outstanding on the 6.125% notes agreed to tender them by the February 12 deadline, the company said Thursday in a press release.
Arcos Dorados had said it was looking to repurchase up to $150 million.
It issued the bonds in April 2022 and offered to pay $1,030 for each note tendered using cash on hand in its latest tender offer. The firm reported having $183 million in cash at the end of September, according to the company’s third quarter earnings report.
Bank of America is the sole dealer manager on the buyback.