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Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
GTL gets consents to restructure $228.3 million convertibles due 2012
By Marisa Wong
Madison, Wis., Nov. 8 - GTL Infrastructure Ltd. convened a meeting on Nov. 8 to seek bondholder consent to restructure its $228.3 million of foreign-currency convertible bonds due Nov. 29, 2012.
GTL said that holders representing 90.86% of the outstanding bonds voted in favor of the proposal.
As a result, the company restructured the $228.3 million bonds, which, including a redemption premium, amount to $319,286,000, through a cashless exchange for the following:
• $111.74 million of zero-coupon convertible series A bonds due 2017 at a conversion price of Rs. 10.00 per share; and
• $207,546,000 interest-bearing series B convertible bonds due 2017 at a conversion price of Rs. 10.00 per share for up-front conversion within 60 days from the date of allotment or Rs. 12.64 per share for other than up-front conversion.
The company said it received approval in principal from Singapore Exchange Securities Trading Ltd. for listing of the series A and series B bonds and approval from the BSE Ltd. and National Stock Exchange of India Ltd. for listing of shares arising from conversion of the series A and series B bonds.
Mumbai-based GTL Infrastructure provides telecom infrastructure to multiple service providers.
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