Barbados' Columbus amends, extends consent solicitation for 11½% notes

By Susanna Moon

Chicago, April 19 - Columbus International Inc. said it extended the consent solicitation for its $640 million of outstanding 11½% senior secured notes due 2014 and amended some of the offer terms.

The company is no longer seeking the flexibility to incur additional debt and will not pay a consent fee to holders who deliver their consents under the offer, according to a company press release.

As a result, Columbus is now only seeking the waiver of certain non-financial technical defaults and the extension of the grace period for the creation and perfection of security interests in certain additional collateral, and holders will only be waiving those defaults, the release noted.

The offer will now run until 5 p.m. ET on April 20, pushed back from 5 p.m. ET on April 16. The record date is 5 p.m. ET on April 4 and the offer began on April 5.

The company had originally offered a consent fee of $2.50 for each $1,000 principal amount of notes.

The offer is conditioned on the receipt of consents from holders of a majority of the outstanding notes.

Citigroup (212 723-6106 or 800 558-3745) is the solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 794-2200) is the information and tabulation agent.

Columbus International is a telecommunications company based in Bridgetown, Barbados.

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