Swift & Company, S&C Holdco 3, Inc. and Swift Foods Company Announce Extension of Tender Offers
The tender offers by each Company will expire on the Offer Expiration Date and the deadline for holders of the Notes to tender their Notes will be the Offer Expiration Date.
09/07/07 Swift & Company and its affiliates S&C Holdco 3, Inc. and Swift Foods Company, announced the extension of their previously announced cash tender offers. The tender offers, previously scheduled to expire at midnight, New York City time, on July 5, 2007, will now expire at 8:00 a.m., New York City time, on Tuesday, July 10, 2007, unless further extended by the Companies. The tender offers are being extended to coordinate the closing of the tender offers with the closing of the previously announced acquisition of SFC by J&F Participacoes, S.A., a Brazilian corporation. Except for the extension of the Offer Expiration Date, all terms and conditions of the tender offers are unchanged and remain in full force and effect.
As previously announced on June 21, 2007, the Companies have received the requisite consents to adopt the proposed amendments to the applicable indentures governing the 10-1/8% Senior Notes due 2009 issued by S&C, the 12-1/2% Senior Subordinated Notes due January 1, 2010 issued by S&C, the 11.00% Senior Notes due 2010 issued by S&C Holdco 3 and the 10.25% Convertible Senior Subordinated Notes due 2010 issued by SFC pursuant to the consent solicitations. The Companies have been advised by the depositary for the tender offers that, as of 5:00 p.m., New York City time, on July 5, 2007, S&C has received validly tendered and not withdrawn tenders of approximately $ 265.8 million of outstanding 10-1/8% Senior Notes, or approximately 99.2% of the aggregate principal amount of 10-1/8% Senior Notes outstanding and approximately $137.7 million of outstanding Subordinated Notes, or approximately 91.8% of the aggregate principal amount of Subordinated Notes outstanding, S&C Holdco 3 has received validly tendered and not withdrawn tenders and consents of approximately $125.1 million of outstanding 11.00% Senior Notes, or approximately 99.9% of the aggregate principal amount of 11.00% Senior Notes outstanding, and SFC has received validly tendered and not withdrawn tenders and consents of approximately $94.2 million of outstanding Convertible Notes, or approximately 99.9% of the aggregate principal amount of Convertible Notes outstanding.
Each Company, the applicable guarantors and the trustee have entered into a supplemental indenture for the applicable Notes giving effect to the amendments. The amendments to the indentures contained in such supplemental indentures became effective upon execution of the supplemental indenture, but will not become operative until the date on which all Notes validly tendered prior to the Offer Expiration Date are accepted for purchase pursuant to the terms of the Offer Documents (as defined below). The right to withdraw tendered Notes and to revoke delivered consents terminated upon execution of the supplemental indentures.
The tender offers and consent solicitations are being made upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated June 7, 2007, as amended and supplemented by the Supplement and Amendment to Offer to Purchase and Consent Solicitation Statement dated June 19, 2007, and the accompanying Consent and Letter of Transmittal. The Companies are making the tender offers and consent solicitations in connection with the Acquisition.
The tender offers by each Company will expire on the Offer Expiration Date and the deadline for holders of the Notes to tender their Notes will be the Offer Expiration Date.
The tender offers are conditioned upon, among other things, the consummation of the Acquisition. Each Company expects to pay for any of its Notes purchased pursuant to its tender offer and consent solicitation in same- day funds on a date promptly following the satisfaction or waiver of the conditions to the closing of the Acquisition and the acceptance of such validly tendered and not withdrawn Notes.
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