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Macquarie Communications completes tender offer for 2.5% exchangeables
By Angela McDaniels
Tacoma, Wash., Sept. 2 - Macquarie Communications Infrastructure Group said it accepted A$309 million of its A$725 million 2.5% guaranteed exchangeable bonds due 2012 and $89 million of its $200 million 2.5% guaranteed exchangeable bonds due 2013 in a tender offer that ended on Friday.
Noteholders will receive 91% of par for the exchangeables due 2012 and 89% of par for the exchangeables due 2013, plus accrued interest in each case. Settlement is expected to fall on Sept. 16.
For each series of bonds, the payout was calculated using the clearing price for each A$250 million principal amount.
In total, Macquarie will pay A$284 million for the exchangeables due 2012 and $79 million for the exchangeables due 2013, including interest.
Following the offer, A$416 million of the exchangeables due 2012 and $112 million of the exchangeables due 2013 remain outstanding.
When the offer began on Aug. 27, the company said it expected to accept up to A$400 million of the exchangeables.
Macquarie Communications is a Sydney, Australia-based infrastructure fund run by Macquarie Bank.
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