(D) METRO
DE SANTIAGO
Santiago, 29 de enero de 2014
GG/040/2014
Señor
Fernando Coloma Correa
Superintendente
Superintendencia de Valores y Seguros
Presente
Ref.: HECHO ESENCIAL. Empresa de Transporte de Pasajeros Metro S.A. Inscripción en el Registro de
Valores N*421. Emisión y colocación de bonos en el extranjero.
De mi consideración:
En conformidad a lo establecido en los artículos 9 y 10 de la Ley de Mercado de Valores, en la Sección Il
de la Norma de Carácter General N” 30 de esta Superintendencia y en especial a lo dispuesto por la
Circular N* 1,072 de 1992, también de esta Superintendencia, debidamente facultado, informo a usted,
lo siguiente:
Con fecha 4 de febrero de 2014 Empresa de Transporte de Pasajeros Metro S.A. (la “Sociedad”) emitirá
y colocará en el mercado internacional bonos emitidos bajo la Regla 144A y la Regulación S de la Ley
de Mercado de Valores de Estados Unidos de América, por un monto de U.S. $ 800.000.000.
Al respecto, y con el objeto de dar cumplimiento a la normativa mencionada más arriba, se adjuntan los
siguientes documentos:
1. Formulario Hecho Esencial, correspondiente al Anexo de la Circular 1.072 de 1992.
2. Copia de norma correspondiente a la Rule 144A de la Securities Act de 1933 de los Estados
Unidos de América, que establece en su sección (d) (4) obligaciones de información al emisor.
3. Resumen.en español que da cuenta de las principales características de los documentos antes
señalados.
Los demás documentos requeridos por la Circular N* 1.072 de 1992 serán debidamente entregados a
de esta Superintendencia, tan pronto como sean suscritos por las respectivas partes.
Desde ya quedamos a su disposición para aclarar o complementar cualquier información que usted
estime necesaria.
Sin otro particular, saluda atentamente a Ud.,
Gerenté General (S)
Metro S.A.
GMM
Av. Lib. Bernardo O’Higgins 1414
Santiago – Chile
Tel: +56(2) 2937 2000 – 2937 3000
esmaimetro.cl
1.0
2.0
3.0
HECHO ESENCIAL
COLOCACIÓN DE BONOS EN EL EXTRANJERO
IDENTIFICACIÓN DEL EMISOR
1.1
1.2
1.3
1.4
1.5
1.6
1.7
Razón Social
Nombre de fantasía
R.U.T.
N? de Inscripción
Reg. Valores
Dirección
Teléfono
Actividades y
Negocios
Empresa de Transporte de Pasajeros Metro S.A
Metro S.A.
61.219.000 – 3
421
Avenida Libertador Bernardo. O’Higgins N? 1.414
2937 2000
En conformidad a lo dispuesto por el artículo 2 de los estatutos
sociales, el emisor tiene como objeto la realización de todas
las actividades propias del servicio de transporte de pasajeros
en ferrocarriles metropolitanos u otros medios eléctricos
complementarios y las anexas a dicho giro, pudiendo con tal
fin constituir o participar en sociedades y ejecutar cualquier
acto u operación relacionados con el objeto social.
ESTA COMUNICACIÓN SE HACE EN VIRTUD DE LO ESTABLECIDO EN EL
ARTÍCULO 9” E INCISO SEGUNDO DEL ARTÍCULO 10* DE LA LEY 18.045, Y
SE TRATA DE UN HECHO ESENCIAL RESPECTO DE LA SOCIEDAD, SUS
NEGOCIOS SUS VALORES DE OFERTA PÚBLICA Y /O DE LA OFERTA DE
ELLOS, SEGÚN CORRESPONDA.
CARACTERÍTICAS DE LA EMISIÓN
3.1
3.2
3.3
3.4
Moneda de denominación Dólares de los Estados Unidos de América
Moneda total emisión U.S. $ 500.000.000
Portador/ a la orden
Series
Los bonos serán registrados a nombre tenedores en los
libros de DTC (book entry)
1
3.4.1
Monto de la Serie
U.S. $500.000.000
3.4.2 N” de bonos N/A
3.4.3 Valor nominal bono U.S. $200.000 mínimo. En caso de suma superiores
serán por múltiplos de U.S. $1.000
3.4.4 Tipo reajuste N/A
3.4.5 Tasa de interés 4,750%
3.4.6 Fecha de emisión 4 de febrero de 2014
3.4,7 Para cada serie llenar la siguiente tabla de desarrollo
N? de cuota N” de Fecha Intereses (USD | Amortización (USD | Total cuota (USD | Saldo Capital (USD
interés cuota Millones) Millones) Millones) Millones)
amortiz,
1 8/4/2014 11.737 0.00 11.737 500.00
2 2/4/2015 11.737 0.00 11.737 500.00
3 8/4/2015 11.737 0.00 11.737 500.00
4 2/4/2016 11.737 0.00 11.737 500.00
5 8/4/2016 11.737 0.00 11.737 500.00
6 2/4/2017 11.737 0.00 11.737 500.00
7 8/4/2017 11.737 0.00 11.737 500.00
8 2/4/2018 11.737 0.00 11.737 500.00
9 8/4/2018 11.737 0.00 11.737 500.00
10 2/4/2019 11.737 0.00 11.737 500.00
11 8/4/2019 11.737 0.00 11.737 500,00
12 2/4/2020 11.737 0.00 11.737 500.00
13 8/4/2020 11.737 0.00 11.737 500.00
14 2/4/2021 11.737 0.00 11.737 500.00
15 8/4/2021 11.737 0.00 11.737 500.00
16 2/4/2022 11.737 0.00 11.737 500.00
17 8/4/2022 11.737 0.00 11.737 500.00
18 2/4/2023 11.737 0.00 11.737 500.00
19 8/4/2023 11.737 0.00 11.737 500.00
20 1 2/4/2024 11.737 500.00 511.737 0.00
3.5 Garantías Si No L
3.5.1 Tipo y montos de las garantías
3.6 Amortización extraordinaria Si No Ll
3.6.1 Procedimientos y fechas N/A
4.0 OFERTA: Pública Privada /
5.0 PAÍS DE COLOCACIÓN
5.1 Nombre Bonos vendidos a los Compradores
Iniciales (Initial Purchasers) en los
Estados Unidos de América
5.2 Normas para obtener autorización de transar Rule 1444 y Regulation S de la U.S.
Securities Act de 1933 de los
Estados Unidos de América.
6.0 INFORMACIÓN QUE PROPORCIONA
6.1
A futuros tenedores de bonos
Empresa de Transporte de Pasajeros Metro S.A. (Metro S.A.) deberá (A) poner a
disposición a requerimiento de cualquier tenedor o cualquier comprador potencial
designado por uno de los tenedores, la información que deba ser entregada de acuerdo a
lo dispuesto por la Regla 144A (d) (4) de la Ley de Valores de Estados Unidos de
América; y (B) proporcionar (o en su defecto poner a su disposición electrónicamente y
previa notificación) del Trustee la siguiente información:
(1)
Tan pronto como sea posible, pero en todo caso en un plazo no superior a 135
días contados desde el término de cada uno de los años tributarios (fiscal years), copias
de los estados financieros auditados correspondiente a dicho año (dando cuenta de los
ingresos, la situación financiera y el flujo de caja), traducido al inglés y preparado de
acuerdo a las normas y regulaciones establecidas por esta la Superintendencia de
Valores y Seguros que sean aplicables a dicha fecha y auditada por una firma que sea
miembro de una firma reconocida internacionalmente de auditores independientes.
(2) Tan pronto como sea posible, pero en cualquier caso dentro de las 105 días
siguientes al término del primer, segundo y tercer trimestre de cada año tributario, copias
no auditadas de los estados financieros (sobre una base consolidada) correspondiente a
cada uno de dichos periodos (dando cuenta de los ingresos, la situación financiera y el
flujo de caja) traducidos al inglés y preparados de acuerdo a las normas y regulaciones
dictadas por la Superintendencia de Valores y Seguros.
Lo anterior, es en la medida en que los tenedores de bonos no hayan sido notificados por
escrito de que esta información se ha hecho públicamente disponible por su presentación
a la SEC (U.S, Security Exchange Comission) o a través del sitio web de la sociedad.
6.2 Afuturos representantes de tenedores de bonos
Ver referencia señaladas en la sección 6.1 precedente.
7.0 CONTRATO DE EMISIÓN
7.1 Características generales
Contratos de emisión de bonos (Base Indenture y Supplemental Indenture) a celebrarse
con fecha 4 de febrero de 2014, entre Empresa de Transporte de Pasajeros Metro S.A.,
como emisor (Issuer) y Deutsche Bank Trust Company Americas, como Trustee,
Registrar, Paying Agent y Transfer Agent, en virtud del cual se emiten bonos a ser
colocados en mercados extranjeros bajo la Regla144A y la Regulación S de la Ley de
Valores de Estados Unidos de América, por un monto de U.S. $500.000.000 pagaderos el
año 2024, con un interés de 4,750%.
7.2 Derechos y obligaciones de los tenedores de bonos
Los bonos de Empresa de Transporte de Pasajeros Metro S.A. constituyen obligaciones
directas, no garantizadas y no subordinadas de la compañia emisora. Los tenedores de
bonos pueden declarar exigible anticipadamente el capital más intereses, en los casos
formas establecidos en el contrato de emisión y tendrán los demás derechos y
obligaciones que se establezcan en el contrato de emisión (Indenture).
8.0 OTROS ANTECEDENTES IMPORTANTES
Los bonos no han sido registrados en los Estados Unidos de América bajo la U.S.
Security Act de 1933, y por lo tanto solamente podrán ser vendidos a ciertos compradores
institucionales calificados como tales según lo dispuesto en la Rule 144A de la
mencionada ley y/o fuera de los Estados Unidos de América, de acuerdo a lo dispuesto en
la Regulation S de la mencionada norma.
Se ha solicitado registro para la transacción de los bonos en el Euro MTF Market
(Alternative Market of the Luxemburg Stock Exchange).
El contrato además contiene ciertas obligaciones de hacer y no hacer (covenants) a las
que se ha obligado el emisor.
9.0 DECLARACIÓN DE RESPONSABILIDAD
La información contenida en este formulario es fidedigna.
Alvaro Gerente General 9.492.942-3
Caballero Rey (s) cl
Nombre Cargo Col. Firma
RESUMEN
EMISION BONOS EN EL EXTRANJERO
EMPRESA DE TRANSPORTE DE PASAJEROS METRO S.A.
El siguiente es un breve resumen de las características más relevantes de la emisión de bonos 144 A
Regulation S que colocará Empresa de Transporte de pasajeros Metro S.A. Una descripción más completa de
la emisión se encuentra contenida en el contrato de emisión (Base Indenture y Supplemental Indenture) y en
los demás documentos que se adjuntan a la presente.
EMMÁSOL conccccnnnnoninncnnanancn nono connnarnennnnnnrrinnnncrnos
Monto de la emisión ….oconioninoonicncnnineorsrsccncos
Vencimiento .ococconmmencaninnnnnnncaniorerncnrncrrncananoos
Tasa de interés…
Precio de emisión (issue price) ..ooococinininninons
RA OA
Fechas de pago de los intereses……..omom…
Preferencia cnmmmcciononrssrcccrcrsrs
Forma y denominación …ccoconcononnoneonononnonsinas
Empresa de Transporte de Pasajeros Metro S.A. (en adelante
“Metro” o el “Emisor”.
U.S.D. $ 500 millones.
4 de febrero de 2024.
. 4,750%
99, 246% del valor nominal (principal amount).
Los bonos se colocarán el 4 de febrero de 2014,
El pago se realizará los días 4 de febrero y 4 de agosto de cada
año, a partir del 4 de febrero de 2014,
Los bonos serán emitidos sin preferencia alguna, y tendrán,
salvo respecto de aquellas obligaciones a las cuales la ley
chilena otorgue un tratamiento preferencial, la misma
preferencia de pago que el resto de las obligaciones no
garantizadas del Emisor.
Los bonos estarán subordinados al pago de dichas obligaciones
respecto de todos aquellos activos que se encuentren
garantizando la deuda asegurada preferencialmente.
A pesar de que Metro es una empresa de propiedad
integramente estatal, el Estado de Chile no responderá por el
incumplimiento de ninguna de las obligaciones contraídas en
virtud de esta emisión, ni estas obligaciones formarán de
manera alguna parte de la deuda de Chile,
A1 30 de septiembre de 2013, la deuda de Metro se distribuía de
la siguiente manera: (i) $1.183.639,5 millones de pesos
correspondían a deuda contraída sin preferencia alguna; (ii)
$23.267,3 millones de pesos correspondía a deudas que gozan
de algún tipo de preferencia para el pago respecto de la emisión
en referencia; y (iii) Aproximadamente $608.209,1 millones de
pesos correspondía a deuda garantizada por el Estado de Chile.
Los bonos se emitirán en forma de anotaciones en cuenta (book
entry) totalmente registradas, con una denominación mínima de
USD$200.000 y múltiplos enteros de USD$1.000 en el exceso
de la misma.
IMPUEstOS moconcncnnonononanonancnacon cana ananrrorornoncannnnos
Rescate Voluntario y Make-whole
Redempli0N…cccncininmonmncmcrrrsrrrrrs
Rescate en caso de cambio tr
Cambio de Contro!
Convenants
Legislación Aplicable………..
ibutario …………
Restricciones a las transferencias …ooonicincnnos
Uso de los fOndOS …ooomocciononnoncacacinonensoresrarcono
Compensación y liquidación
Las sumas que correspondan a pago de impuestos que se
generen en virtud de la legislación chilena por el pago de
intereses que haya de realizarse a un tenedor de bonos
extranjero no residente en Chile, serán pagadas adicionalmente
por Metro, de manera de que la suma recibida por el tenedor de
bono extranjero sea igual a la suma que hubiera recibido en
caso de no existir dicho impuesto.
Los bonos podrán ser rescatados voluntariamente por el Emisor
. en todo o parte y en cualquier momento, a un precio de rescate
que sea igual al valor mayor entre: (1) El 100% del capital
insoluto, y (2) La suma de los valores presentes de los pagos de
los intereses y amortizaciones de capital restantes, excluidos los
intereses devengados hasta la fecha de prepago descontados en
base semi anual (considerando años de 360 días compuestos por
12 meses de 30 días cada uno), a la tasa de interés de los bonos
del Tesoro de Estados Unidos aplicable más 30 bps (puntos
bases). En todos los casos, se sumarán los intereses devengados
y no pagados a la fecha de la amortización extraordinaria,
El Emisor podrá rescatar a su voluntad la totalidad, pero no una
parte de los bonos, en cualquier momento, al valor que
corresponda al monto de su capital más los intereses
devengados e impagos, si las leyes o regulaciones que norman a
los impuestos en la República de Chile cambian en
conformidad a lo dispuesto en el contrato de emisión,
En el caso de que ocurra un evento de cambio de control, los
tenedores de bonos podrán exigir a Metro la compra en efectivo
de la totalidad o de una parte de los bonos a un precio de
compra equivalente al 100% del monto del capital más los
intereses devengados y no pagados si los hubiera.
La emisión está sujeta a una serie de obligaciones de hacer y no
hacer (covenants), dentro de las cuales se encuentran
limitaciones en garantías permitidas y limitaciones en ventas y
operaciones de lease back, entre otras.
Los derechos y las obligaciones derivadas del contrato de
emisión o en conexión con ellas de Metro y de sus tenedores de
bonos, se regirán y se interpretarán en conformidad a las leyes
del estado de Nueva York.
Los bonos no han sido ni serán registrados bajo la “Securities
Act” de los Estados Unidos de América y están sujetas a ciertas
restricciones en cuanto a su transferencia,
Los fondos netos obtenidos serán destinados para el financiar
en parte los activos asociados al proyecto 63 (líneas 3 y 6) y
para propósitos corporativos en general.
Los bonos serán representados por uno o más valores globales
(elobal securities) registrados a nombre de un representante del
REBiStO mcccinnonoconenronenoncarerorororoororcrceroreron erro
Trustee
Depository Trust Company o DTC (Depósito de Valores). Los
intereses que se deban pagar a los tenedores serán pagados a
través de DTC y sus afiliados, directos e indirectos, incluyendo
a Eurociear y a Clearstream, Luxemburgo y DTC y sus
afiliados directos o indirectos dejarán registro de los intereses
de los tenedores en sus libros.
Los bonos serán listados en la Bolsa de Valores de Luxemburgo
Deutsche Bank Trust Company Americas.
Rule 144A — Private Resales of Securities to Institutions Page 1 0f7
Securities Lawyer ‘s d
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published by The University of Cincinnati TN
College of Law
Regulatory History
General Rules and Regulations
promulgated
under the Suggestions
Securities Act of 1933
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Rule 144A — Private Resales of Securities to Institutions
Preliminary Notes
1, This section relates solely to the application of section 5 of the Act and not to antifraud or other
provisions of the federal securities laws,
2. Attempted compliance with this section does not act as an exclusive election; any seller
hereunder may also claim the availability of any other applicable exemption from the registration
requirements of the Act.
3. In view of the objective of this section and the policies underlying the Act, this section is not
available with respect to any transaction or series of transactions that, although in technical
compliance with this section, is part of a plan or scheme to evade the registration provisions of the
Act. In such cases, registration under the Act is required.
4. Nothing in this section obviates the need for any issuer or any other person to comply with the
securities registration or broker-dealer registration requirements of the Securities Exchange Act of
1934 (the Exchange Act), whenever such requirements are applicable.
5. Nothing in this section obviates the need for any person to comply with any applicable state law
relating to the offer or sale of securities.
6. Securities acquired in a transaction made pursuant to the provisions of this section are deemed to
be restricted securities within the meaning of Rule 144(a)(3).
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Rule 144A — Private Resales of Securities to Institutions Page 2 017
7. The fact that purchasers of securities from the issuer thereof may purchase such securities with a
view to reselling such securities pursuant to this section will not affect the availability to such issuer
of an exemption under section 4(2) of the Act, or Regulation D under the Act, from the registration
requirements of the Act.
xx Definitions.
+ For purposes of this section, qualified institutional buyer shall mean:
+ Any of the following entities, acting for its own account or the accounts of other
qualified institutional buyers, that in the aggregate owns and invests on a
discretionary basis at least $100 million in securities of issuers that are not
affiliated with the entity:
e Any insurance company as defined in section 2(a)(13) of the Act ;
Note: A purchase by an insurance company for one or more of ¡ts
separate accounts, as defined by section 2(a)(37) of the Investment
Company Act of 1940 (the “Investment Company Act”), which are neither
registered under section 8 of the Investment Company Act nor required to
be so registered, shall be deemed to be a purchase for the account of
such insurance company.
* Any investment company registered under the Investment Company Act
or any business development company as defined in section 2(a)(48) of
that Act;
+ Any Small Business Investment Company licensed by the U.S. Small
Business Administration under section 301(c) or (d) of the Small Business
Investment Act of 1958;
+ Any plan established and maintained by a state, ¡ts political subdivisions,
or any agency or instrumentality of a state or its political subdivisions, for
the benefit of its employees;
+ Any employee benefit plan within the meaning of title 1 of the Employee
Retirement Income Security Act of 1974;
F. Any trust fund whose trustee is a bank or trust company and whose
participants are exclusively plans of the types identified in paragraph (a)
(1)(0(D) or (E) of this section, except trust funds that include as
participants individual retirement accounts or H.R. 10 plans.
G. Any business development company as defined in section 202(a)(22) of
the Investment Advisers Act of 1940;
xxe Any organization described in section 501(c) (3) of the Internal Revenue
Code, corporation (other than a bank as defined in section 3(a)(2) of the
Act or a savings and loan association or other institution referenced in
section 3(a)(5)(A) of the Act or a foreign bank or savings and loan
association or equivalent institution), partnership, or Massachusetts or
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Rule 144A — Private Resales of Securities to Institutions Page 3 of 7
similar business trust; and
e Any investment adviser registered under the Investment Advisers Act.
+ Any dealer registered pursuant to section 15 of the Exchange Act, acting for its
own account or the accounts of other qualified institutional buyers, that in the
aggregate owns and invests on a discretionary basis at least $10 million of
securities of issuers that are not affiliated with the dealer, Provided, That
securities constituting the whole or a part of an unsold allotment to or
subscription by a dealer as a participant in a public offering shall not be deemed
to be owned by such dealer;
+ Any dealer registered pursuant to section 15 of the Exchange Act acting in a
riskless principal transaction on behalf of a qualified institutional buyer;
Note: A registered dealer may act as agent, on a non-discretionary basis, in a
transaction with a qualified institutional buyer without itself having to be a
qualified institutional buyer.
* Any investment company registered under the Investment Company Act, acting
for its own account or for the accounts of other qualified institutional buyers,
that is part of a family of investment companies which own in the aggregate at
least $100 million in securities of issuers, other than issuers that are affiliated
with the investment company or are part of such family of investment
companies. Family of investment companies means any two or more investment
companies registered under the Investment Company Act, except for a unit
investment trust whose assets consist solely of shares of one or more registered
investment companies, that have the same investment adviser (or, in the case
of unit investment trusts, the same depositor), Provided That, for purposes of
this section:
+ Each series of a series company (as defined in Rule 18f-2 under the
Investment Company Act ) shall be deemed to be a separate investment
company; and
+ Investment companies shall be deemed to have the same adviser (or
depositor) if their advisers (or depositors) are majority-owned subsidiaries
of the same parent, or if one investment company’s adviser (or depositor)
is a majority-owned subsidiary of the other investment company’s adviser
(or depositor);
+ Any entity, all of the equity owners of which are qualified institutional buyers,
acting for its own account or the accounts of other qualified institutional buyers;
and
* Any bank as defined in section 3(a)(2) of the Act, any savings and loan
association or other institution as referenced in section 3(a)(5)(A) of the Act, or
any foreign bank or savings and loan association or equivalent institution, acting
for its own account or the accounts of other qualified institutional buyers, that in
the aggregate owns and invests on a discretionary basis at least $100 million in
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Rule 144A — Private Resales of Securities to Institutions Page 4 of 7
securities of issuers that are not affiliated with it and that has an audited net
worth of at least $25 million as demonstrated in its latest annual financial
statements, as of a date not more than 16 months preceding the date of sale
under the Rule in the case of a U.S, bank or savings and loan association, and
not more than 18 months preceding such date of sale for a foreign bank or
savings and loan association or equivalent institution.
xx In determining the aggregate amount of securities owned and invested on a
discretionary basis by an entity, the following instruments and interests shall be
excluded: bank deposit notes and certificates of deposit; loan participations;
repurchase agreements; securities owned but subject to a repurchase agreement; and
currency, interest rate and commodity swaps.
+ The aggregate value of securities owned and invested on a discretionary basis by an
entity shall be the cost of such securities, except where the entity reports its securities
holdings in its financial statements on the basis of their market value, and no current
information with respect to the cost of those securities has been published. In the
latter event, the securities may be valued at market for purposes of this section,
+ In determining the aggregate amount of securities owned by an entity and invested on
a discretionary basis, securities owned by subsidiaries of the entity that are
consolidated with the entity in its financial statements prepared in accordance with
generally accepted accounting principles may be included if the investments of such
subsidiaries are managed under the direction of the entity, except that, unless the
entity is a reporting company under section 13 or 15(d) of the Exchange Act, securities
owned by such subsidiaries may not be included if the entity itself is a majority-owned
subsidiary that would be included in the consolidated financial statements of another
enterprise.
* For purposes of this section, riskless principal transaction means a transaction in which
a dealer buys a security from any person and makes a simultaneous offsetting sale of
such security to a qualified institutional buyer, including another dealer acting as
riskless principal for a qualified institutional buyer.
+ For purposes of this section, effective conversion premium means the amount,
expressed as a percentage of the security’s conversion value, by which the price at
issuance of a convertible security exceeds its conversion value.
+ For purposes of this section, effective exercise premium means the amount, expressed
as a percentage of the warrant’s exercise value, by which the sum of the price at
issuance and the exercise price of a warrant exceeds ¡ts exercise value.
b. Sales by persons other than issuers or dealers. Any person, other than the issuer or a dealer,
who offers or sells securities in compliance with the conditions set forth in paragraph (d) of
this section shall be deemed not to be engaged in a distribution of such securities and
therefore not to be an underwriter of such securities within the meaning of sections 2(a)(11)
and 4(1) of the Act.
c. Sales by Dealers. Any dealer who offers or sells securities in compliance with the conditions
set forth in paragraph (d) of this section shall be deemed not to be a participant in a
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Rule 144A — Private Resales of Securities to Institutions Page 5 of 7
distribution of such securities within the meaning of section 4(3)(C)of the Act and not to be
an underwriter of such securities within the meaning of section 2 (11) of the Act, and such
securities shall be deemed not to have been offered to the public within the meaning of
section 4(3)(A) of the Act.
e Conditions to be met, To qualify for exemption under this section, an offer or sale must meet
the following conditions:
+ The securities are offered or sold only to a qualified institutional buyer or to an offeree
or purchaser that the seller and any person acting on behalf of the seller reasonably
believe is a qualified institutional buyer. In determining whether a prospective
purchaser is a qualified institutional buyer, the seller and any person acting on its
behalf shall be entitled to rely upon the following non-exclusive methods of establishing
the prospective purchaser’s ownership and discretionary investments of securities:
+ The prospective purchaser’s most recent publicly available financial statements,
Provided That such statements present the information as of a date within 16
months preceding the date of sale of securities under this section in the case of
a U.S. purchaser and within 18 months preceding such date of sale for a foreign
purchaser;
+ The most recent publicly available information appearing in documents filed by
the prospective purchaser with the Commission or another United States federal,
state, or local governmental agency or self-regulatory organization, or with a
foreign governmental agency or self-regulatory organization, Provided That any
such information is as of a date within 16 months preceding the date of sale of
securities under this section in the case of a U,S. purchaser and within 18
months preceding such date of sale for a foreign purchaser;
+ The most recent publicly available information appearing in a recognized
securities manual, Provided That such information is as of a date within 16
months preceding the date of sale of securities under this section in the case of
a U.S. purchaser and within 18 months preceding such date of sale for a foreign
purchaser; or
+. A certification by the chief financial officer, a person fulfilling an equivalent
function, or other executive officer of the purchaser, specifying the amount of
securities owned and invested on a discretionary basis by the purchaser as of a
specific date on or since the close of the purchaser’s most recent fiscal year, or,
in the case of a purchaser that is a member of a family of investment
companies, a certification by an executive officer of the investment adviser
specifying the amount of securities owned by the family of investment
companies as of a specific date on or since the close of the purchaser’s most
recent fiscal year;
+ The seller and any person acting on its behalf takes reasonable steps to ensure that the
purchaser is aware that the seller may rely on the exemption from the provisions of
section 5 of the Act provided by this section;
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Rule 144A — Private Resales of Securities to Institutions Page 6 of 7
e The securities offered or sold:
+ Were not, when issued, of the same class as securities listed on a national
securities exchange registered under section 6 of the Exchange Act or quoted in
a U.S. automated inter-dealer quotation system; Provided, That securities that
are convertible or exchangeable into securities so listed or quoted at the time of
issuance and that had an effective conversion premium of less than 10 percent,
shall be treated as securities of the class into which they are convertible or
exchangeable; and that warrants that may be exercised for securities so listed or
quoted at the time of issuance, for a period of less than 3 years from the date of
issuance, or that had an effective exercise premium of less than 10 percent,
shall be treated as securities of the class to be issued upon exercise; and
Provided further, That the Commission may from time to time, taking into
account then-existing market practices, designate additional securities and
classes of securities that will not be deemed of the same class as securities listed
on a national securities exchange or quoted in a U.S. automated inter-dealer
quotation system; and
li. Are not securities of an open-end investment company, unit investment trust or
face-amount certificate company that is or is required to be registered under
section 8 of the Investment Company Act; and
+ In the case of securities of an issuer that is neither subject to section 13 or 15
(d) of the Exchange Act, nor exempt from reporting pursuant to Rule 1293-2(b)
under the Exchange Act, nor a foreign government as defined in Rule 405
eligible to register securities under Schedule B of the Act, the holder and a
prospective purchaser designated by the holder have the right to obtain from the
issuer, upon request of the holder, and the prospective purchaser has received
from the issuer, the seller, or a person acting on either of their behalf, at or prior
to the time of sale, upon such prospective purchaser’s request to the holder or
the issuer, the following information (which shall be reasonably current in
relation to the date of resale under this section): a very brief statement of the
nature of the business of the issuer and the products and services it offers; and
the issuer’s most recent balance sheet and profit and loss and retained earnings
statements, and similar financial statements for such part of the two preceding
fiscal years as the issuer has been in operation (the financial statements should
be audited to the extent reasonably available).
+ The requirement that the information be reasonably current will be presumed to
be satisfied if:
+ The balance sheet is as of a date less than 16 months before the date of
resale, the statements of profit and loss and retained earnings are for the
12 months preceding the date of such balance sheet, and if such balance
sheet is not as of a date less than 6 months before the date of resale, it
shall be accompanied by additional statements of profit and loss and
retained earnings for the period from the date of such balance sheet to a
date less than 6 months before the date of resale; and
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Rule 144A — Private Resales of Securities to Institutions Page 7 0f 7
+xx The statement of the nature of the issuer’s business and its products and
services offered is as of a date within 12 months prior to the date of
resale; or
+ With regard to foreign private issuers, the required information meets the
timing requirements of the issuer’s home country or principal trading
markets.
+ Offers and sales of securities pursuant to this section shall be deemed not to affect the
availability of any exemption or safe harbor relating to any previous or subsequent offer or
sale of such securities by the issuer or any prior or subsequent holder thereof.
Regulatory History
55 FR 17945, Apr. 30, 1990, as amended at 57 FR 48722, Oct. 28, 1992
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