Impsat solicits consents to amend 6% convertibles

By Laura Lutz

Des Moines, Nov. 2 - Impsat Fiber Networks, Inc. launched a consent solicitation for its series A 6% senior guaranteed convertible notes due 2011 and its series B 6% senior guaranteed convertible notes due 2011.

The consents are being solicited in connection with the planned merger announced on Oct. 25. Under that agreement, Impsat will be acquired by Global Crossing Ltd.

The proposed amendments will not become operative until the closing of the merger.

Consenting noteholders will receive $2.50 per $1,000 principal amount of notes.

The consent solicitation expires at the earlier of 5 p.m. ET on Nov. 15 or the receipt of the required consents. Settlement of the consent solicitation depends on the receipt by Impsat of consents from holders of a majority of each series of notes.

On Oct. 31, Impsat announced in an 8-K filing with the Securities and Exchange Commission that it also plans to conduct a tender offer for the notes. The company will offer 101% of the principal amount for the notes.

Goldman, Sachs & Co. (800 828-3182 or collect 212 357-0775) will act as solicitation agent. Georgeson Inc. (886 277-5068 or 212-440-9800) will act as information agent.

Global Crossing is a Florham Park, N.J., provider of telecommunications services. Impsat is a Buenos Aires, Argentina, provider of private telecommunications network and internet services in Latin America.

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