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Jamaica's Digicel gets enough tenders, consents to amend 12% notes
By Susanna Moon
Chicago, March 5 - Digicel Ltd. said it obtained tenders and consents for $262,587,000 principal amount, or 51.49%, of its outstanding $510 million of 12% senior notes due 2014 by the early tender deadline of 5 p.m. ET on March 4.
As noted before, the company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and some default provisions.
The company received enough consents to amend the notes and has executed a supplemental indenture, according to a company press release.
The proposed amendments required consents from holders of a majority of the outstanding notes, and they will become effective when those notes have been settled.
The tender offer will end at 11:59 p.m. ET on March 18. The offer began on Feb. 19.
The total purchase price will be $1,068 for each $1,000 principal amount of notes tendered by the consent date.
The total payment includes a consent payment of $30 per $1,000 of notes.
Holders who tender their notes after the consent date will receive $1,038 per $1,000 principal amount.
The company also will pay accrued interest to but excluding the settlement date.
Notes tendered by the early deadline were expected to be settled on March 5.
Tendered notes may no longer be withdrawn as of the consent date.
Holders may not tender their notes without delivering their consents to the proposed amendments, and they may not deliver their consents without tendering their notes.
The tender offer is conditioned on the company obtaining the needed consents to amend the notes and the completion of financing.
Citigroup Global Markets Inc. (attn.: liability management group, 800 558-3745 or collect 212 723-6106) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 389-1500 or collect 212 430-3774) is the information agent.
The issuer is a Kingston, Jamaica, wireless communications company.
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