Videocon holds exchange offer for 6.75% convertibles until Nov. 27

By Susanna Moon

Chicago, Nov. 25 – Videocon Industries Ltd. gave more details of the exchange offer for its $200 million of 6.75% convertible bonds due Dec. 16, 2015.

Holders must submit exchange instructions for the offer and voting instructions for the consent solicitation by noon ET on Nov. 27, according to a company notice. The exchange offer began Nov. 16.

The dealer manager is Credit Suisse (Singapore) Ltd. (Jim McDonnell / Jennifer Choi, +852 21017324 / +852 21017112, or jim.mcdonnell@credit-suisse.com / jennifer.j.choi@credit-suisse.com). The exchange and tabulation agent is Deutsche Bank AG, Hong Kong Branch (+852 2203 8888 or hk.csg@list.db.com).

As reported Nov. 17, the company began the offering for $97.2 million convertible bonds due 2020 in exchange for the 6.75% convertibles.

A bondholder meeting has been set for Nov. 30.

Holders who participate in the exchange offer will be deemed to vote in favor of the extraordinary resolution proposed at the meeting, the company previously said.

The extraordinary resolution would also approve settlement of the bonds that are not accepted in the exchange offer on the settlement date approved at the meeting, by payment of $50,000 in cash for each $100,000 principal amount of existing bonds and the issue of new convertible bonds for the remaining $50,000, the previous release noted. Accrued interest will be paid in cash.

The exchange offer was announced Nov. 9.

Aurangabad, India-based Videocon is a conglomerate with businesses in consumer electronics retail, video-display component manufacturing and oil-and-gas production.

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