Maxcom extends early participation period for 2020 notes exchange to Aug. 14

By Rebecca Melvin

New York, July 31 – Mexico’s Maxcom Telecomunicaciones SAB de CV announced that it has extended its early participation offer to exchange any and all of its $103,378,674 of outstanding step-up senior notes due 2020 for new 8% senior secured notes due 2024, junior payment-in-kind notes and cash.

The new early participation date, overall exchange offer and consent solicitation have been extended to 5 p.m. ET on Aug. 14. The previous deadline was midnight ET on July 15.

As of July 30, the company had received $46.9 million of validly tendered notes, which represents 45.4% of the old issue.

The exchange offer is subject to successful confirmation of the company’s pre-packaged plan of reorganization under Chapter 11.

As previously reported, the maximum amount of senior notes and junior PIK notes that will be issued will be $56,858,270 and the Mexican peso equivalent of $10,337,867, respectively.

For each $1,000 of 2020 notes, the total consideration for holders who tender their notes on or before the early participation date will be $550 of senior notes, $100 of junior PIK notes and $110 in cash.

The company will only accept old notes for exchange if at least 90% of the outstanding principal amount of the old notes is validly tendered and not validly withdrawn on or prior to the expiration date.

BCP Securities, LLC (203 629-2186 or jharper@bcpsecurities.com) is acting as exclusive dealer manager and solicitation agent. Prime Clerk, LLC (844 234-1694, 917 942-6396 or maxcomballots@primeclerk.com) has been appointed as the information agent and exchange agent.

Maxcom is an integrated telecommunication services operator based in Mexico City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.