India's Subex wraps exchange offer for 2% convertibles; bondholders approve Oct. 8 resolution

By Susanna Moon

Chicago, Oct. 30 - Subex Ltd. said that investors tendered $141 million of its $180 million of 2% convertible unsecured bonds due 2012 in the exchange offer for new dollar-denominated convertible unsecured bonds due 2012.

Subex said it will issue $98.7 million of new bonds in exchange for the tendered convertibles. The exchanged bonds will be canceled on Nov. 2.

Settlement was expected for Oct. 23. The offer began on Sept. 25.

The company also said that at a meeting on Friday, bondholders passed a resolution set out on Oct. 8.

On Oct. 7, the company said it amended the definition of relevant debt in the covenants of the new bonds to mean debt other than those outstanding under the 2% convertibles in the offer.

The company had said that it would not incur additional relevant debt without the approval of an ordinary resolution. It further noted that it has received a no objection certificate from Axis Bank Ltd. as well as the State Bank of India.

Subex previously said it applied to list the new bonds on the Singapore Exchange Securities Trading Ltd.

The exchange offer was not made in the United States or Italy, and further details about the offer were distributed to bondholders in an exchange offer memorandum.

Barclays Bank plc (+44 20 7773 8300 or +852 2903 2776) was the dealer manager, and Bank of New York Mellon, London Branch (+44 20 7964 4958) was the exchange agent.

Subex provides operations support systems and is based in Bangalore, India.

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