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Telecom Argentina cancels tender, exchange offers for 6˝% notes
By Wendy Van Sickle
Columbus, Ohio, Oct. 22 – Telecom Argentina SA terminated its private cash tender and exchange offers for any and all of its $465,853,000 of outstanding 6˝% notes due June 15, 2021, according to a press release.
The offers were terminated because the amount of new notes issued as a result of the exchange offer would be less than the minimum $100 million, the company said.
The offers were set to expire at 5 p.m. ET on Oct. 22, after having been extended.
As of the previous deadline, 5 p.m. ET on Oct. 17, Telecom Argentina said it had received about $135,389,000 of notes tendered under the exchange offer and about $5,978,000 of notes tendered under the cash tender offer.
In addition to extending the offer on Oct. 18, the company also reduced the minimum issue requirement for the new 9% notes due 2025 to $100 million from $150 million.
As previously reported, in the exchange offer, the company was offering to exchange the existing notes for new 9% notes and cash.
For each $1,000 of existing notes, the company was offering $824 of new notes and $200 cash.
In the cash tender offer, the company was offering to pay $968 per $1,000 principal amount of notes.
The tender offer was conditioned on the total tender consideration not exceeding $10 million, exclusive of accrued interest.
The purpose of the exchange offer and cash tender offer was to reduce debt and extend the maturity of the company’s debt obligations associated with the old notes, according to a previous news release.
The offers were announced on Oct. 9.
Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or contact@gbsc-usa.com) is the information agent for the tender and exchange offer and the exchange agent.
Citigroup Global Markets Inc. (800 558-3745) and J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) are acting as dealer managers. Telecom Argentina is a telecommunications company based in Buenos Aires.
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