Telecom Argentina, Telecom Personal to pay 55% of par in tender

New York, June 6 - Telecom Argentina STET-France Telecom SA and Telecom Personal SA will pay 55% of par in their tender offer for their debt securities.

Telecom Argentina will buy a total of $175 million principal amount of its notes, 11% of the amount outstanding as of Dec. 31, 2002, and $34 million of its bank debt, 4% of the amount outstanding.

It will pay a total of $115 million for the debt.

Telecom Personal will buy a total of $80 million of its bank debt, 13% of the amount outstanding as of Dec. 31, 2002.

It will pay a total of the equivalent of $44 million, to be paid in the relevant currency.

Both companies expect to make payment on or before June 9.

Telecom Argentina said the modified dutch auction tender offer, which ended on June 2, is the first stage in restructure its debt.

Morgan Stanley & Co. Inc. and MBA Banco de Inversiones SA are acting as dealer managers for the tender offers with MBA acting in Argentina only.

The information agent in the U.S. and Argentina is Georgeson Shareholder Communications Inc. (banks and brokers cal 212 440-9800, others 866 216-0459, in Argentine call 0800 555-4288, 0800 222-1288 or 0800 288-5288 followed by the U.S. toll free 866 216-0459) and the information agent in Europe is GSC Proxitalia SpA (39 06 4217-1777 or toll free in Italy 800 18 99 23).

© 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.