NII starts early conversion offer for $300 million 2.875% notes

By Susanna Moon

Chicago, June 22 - NII Holdings, Inc. announced a tender offer to encourage conversion of its outstanding $300 million of 2.875% convertibles notes due 2034.

The company will pay a premium of $80.00 plus accrued interest up to but not including the conversion date in addition to converting the notes at the regular rate.

The notes must be tendered by 5 p.m. ET July 23. The conversion date is expected to be the second business day after the expiration date.

The notes are convertible into common shares a rate of 37.566 shares per $1,000 principal amount of notes.

The notes are redeemable beginning Feb. 7, 2011.

NII Holdings is based in Reston, Va. and provides wireless communication services in Latin America.

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