Wind Acquisition Finance extends consent deadline, increases early consent payment

By Devika Patel

Knoxville, Tenn., July 11 - Wind Acquisition Finance SA, the holding company for Wind Telecomunicazioni SpA, announced that it has extended the early tender deadline in its solicitation of consents from holders of its notes and increased the early consent payment amount.

The deadline was extended to 5 p.m. ET July 11, subject to possible further extension or termination, from 11 a.m. ET on July 10. The solicitation is scheduled to expire at 11 a.m. ET on July 17.

Wind Acquisition Finance also said noteholders who consent by the early consent deadline will now receive a consent fee of $50.00 per $1,000 principal amount of 10¾% notes and €50.00 per $1,000 principal amount of 9¾% notes. The payment is up from $40.00 or €40.00 previously.

Those who deliver consents after the early consent deadline but by the consent solicitation expiration will receive $20.00 per $1,000 principal amount of 10¾% notes and €20.00 per $1,000 principal amount of 9¾% notes. Those amounts are unchanged.

The company needs consents from holders of the outstanding €950 million principal amount of its 9 ¾% senior notes due 2015 and the outstanding $650 million principal amount of its 10¾% senior notes due 2015.

Wind said that, based on the consents it has already received, it is "confident" of achieving the necessary response rate.

As previously reported, the borrowings would allow Wind Telecomunicazioni SpA to enter new senior credit facilities, which would be used to refinance €5.0223 billion and $150 million principal amount of the company's existing senior credit facilities, to replace the €400 million committed revolving credit facility under the existing senior facilities, to refinance the outstanding €551.913 million and $180 million principal amount of the company's second-lien proceeds loan and to make a €1.95 billion distribution that would allow Wind Acquisition Holdings to repay its PIK loan facility.

The proposed waivers and amendments would also allow Wind Telecomunicazioni to sell all or part of its tower business. Wind Telecomunicazioni would then use the proceeds to repay senior debt or reinvest in the company's business.

The company needs consents from holders of a majority of the notes. If it receives the needed consents, it would have 90 days to complete the proposed refinancing transactions. The consent fee would not be paid until the refinancing transactions were completed.

Banca Imi SpA (3902 77512467), Citigroup Global Markets Ltd. (4420 7986 8969 or 212 723-6106), Credit Suisse (4420 7883 6748) and Morgan Stanley (4420 7677 5040 or 212 761-2219) are the solicitation agents. Lucid Issuer Services Ltd. (4420 7704 0880 or 866 401-1002) is the tabulation agent.

Wind Telecomunicazioni is a telecommunications company based in Rome.

© 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.