eircom says 9¼% noteholders give consents for potential reorganization

By Susanna Moon

Chicago, Aug. 25 – eircom Ltd. said subsidiary eircom Finance Ltd. secured the needed consents to amend and to waive provisions of its €350 million principal amount of 9¼% senior secured notes due 2020 related to a potential reorganization.

The consent solicitation required the consents of the holders of a majority of the outstanding notes voting as a single class.

The company will enter into a supplemental indenture and make a consent payment for the proposed amendments and waivers by the beginning of the reorganization, according to a press release.

The board of directors of the eircom Holdings (Ireland) Ltd. is considering strategic options for the future of the eircom group, the release noted, which include a potential public offering of shares.

The company said that an IPO would result in a significant debt deleveraging of the balance sheet and improved cash flow.

The solicitation agents are Goldman Sachs International (attn: liability management group, +44 0 207 7744799 or email to liabilitymanagement.eu@gs.com) and Morgan Stanley & Co. International plc (attn: liability management, +44 0 20 7677 5040 or email liabilitymanagementeurope@morganstanley.com).

The tabulation agent and the information agent is Lucid Issuer Services Limited. (attn: Yves Theis/Thomas Choquet, +44 20 7704 0880 or email to eircom@lucid-is.com).

The issuer is a Dublin-based telecom.

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