Impsat Fiber Networks gets consents needed to amend 6% convertibles

By Angela McDaniels

Seattle, Nov. 16 - Impsat Fiber Networks, Inc. said it received the consents needed to amend the indentures governing its series A 6% senior guaranteed convertible notes due 2011 and series B 6% senior guaranteed convertible notes due 2011 during a consent solicitation that began on Nov. 2 and ended on Wednesday.

All non-affiliated noteholders, regardless of whether they consented, will receive a $2.50 consent fee per $1,000 principal amount of notes, according to a company news release. Affiliated noteholders will not receive a consent fee.

The consents were being solicited in connection with the planned merger between Impsat, Global Crossing Ltd. and GC Crystal Acquisition, Inc. Impsat has executed and delivered the supplemental indentures, but the amendments will only become operative once the merger becomes effective.

Goldman, Sachs & Co. (800 828-3182 or collect 212 357-0775) was the solicitation agent for the offering, and Georgeson Inc. (886 277-5068 or 212-440-9800) was the information agent.

Impsat plans to conduct a tender offer for the notes and will pay 101% of par for notes tendered, according to an 8-K report filed with the Securities and Exchange Commission on Oct. 31.

Impsat is based in Buenos Aires, Argentina, and provide private telecommunications network and internet services in Latin America.

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