tw telecom subsidiary gets needed consents for 9¼% notes, amends payout; remainder called

By Jennifer Chiou

New York, March 17 - tw telecom inc. said its subsidiary tw telecom holdings inc. has received the necessary consents in its solicitation and cash tender offer after having obtained tenders from holders of $366.5 million, or 91.6%, of its $400 million of 9¼% senior notes due 2014.

By the consent deadline of 5 p.m. ET on March 16, the company obtained consents for amendments to the notes' indenture to eliminate substantially all of the restrictive covenants and certain events of default and modify the redemption notice period to three days from 30 days, among other things.

It has executed a supplemental indenture.

The tender offer is scheduled to expire at 11:59 p.m. ET on March 30.

Holders who tendered prior to the consent deadline will receive a total of $1,034.50 per $1,000 of notes, including a consent payment of $30.00.

The company will now pay $1,030.83 per $1,000 of notes to noteholders who tender after the consent date and prior to the offer expiration.

Previously, these holders would have received $1,004.50 per $1,000 of notes.

Any remaining notes following the offer will be redeemed for the same consideration paid to holders who tender after the consent deadline.

All noteholders will also receive accrued interest.

Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 325-5912) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 540-1500 or call collect 212 430-3774) is the information agent.

Based in Littleton, Colo., tw telecom is a provider of managed network services.

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