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Primus Telecommunications exchanges 10% secured notes for new notes
By Jennifer Chiou
New York, Nov. 15 - Primus Telecommunications Group, Inc. subsidiary Primus Telecommunications Holding, Inc. completed the exchange of $79,702,709 principal amount of its 10% senior secured notes due 2017 for $86,875,955 of new 10% senior secured exchange notes due 2017, according to an 8-K filing with the Securities and Exchange Commission.
The transaction took place on Nov. 14.
Participating holders entered into a second supplemental indenture for the notes, agreeing to the note exchange and also agreeing to file a notice of dismissal for a civil action, Whitebox Advisors, LLC and River Ridge Master Fund Ltd. v. Primus Telecommunications Holding.
The company also paid accrued interest for Oct. 15 to Nov. 14.
Primus stated that the exchange notes have terms substantially similar to the exchanged notes.
U.S. Bank NA is the trustee.
Also on Wednesday, Primus and its board declared a special cash dividend of $2.50 per share on its common stock to be paid on Dec. 11. It will go to holders of record as of Nov. 27.
Primus Telecommunications Group provides voice, data, mobile services, broadband internet, collocation, hosting and outsourced managed services to business and residential customers. It is based in McLean, Va.
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