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Digicel tenders, seeks consents for $775 million 10½% notes due 2018
By Susanna Moon
Chicago, March 19 - Digicel Group Ltd. said it began a cash tender offer and consent solicitation for its $775 million of outstanding 10½% senior notes due 2018.
The company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default, according to a press release.
The total purchase price will be $1,059.50 for each $1,000 principal amount of notes tendered by 5 p.m. ET on April 1.
The total payment includes a $30 premium per $1,000 of notes tendered by the early deadline.
Those who tender after the early date will receive $1,029.50 per $1,000 principal amount.
The company also will pay accrued interest up to but excluding the settlement date, which will be April 2 for early tendered notes.
The tender offer will end at 11:59 p.m. ET on April 15.
Tendered notes may be withdrawn by the early tender date.
Holders may not tender their notes without giving their consents, and they may not give their consents without tendering their notes.
The proposed amendments will become effective when the company has settled tenders for a majority of the notes.
The tender offer is conditioned on completion of financing, and the consent solicitation is conditioned on obtaining the required consents.
Citigroup Global Markets Inc. (attn: liability management group, 800 558-3745 and 212 723-6106 collect) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 collect or 866 470-3700) is the information agent.
The issuer is a Kingston, Jamaica-based wireless communications company.
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