Trilogy International gets consents to extend 8 7/8% notes to 2023

By Marisa Wong

Los Angeles, May 21 – Trilogy International Partners Inc. announced that holders had tendered $346,084,000, or 98.88%, of its outstanding 8 7/8% senior secured notes due 2022 (Cusip: 89620JAC5, U89613AC4) as of 5 p.m. ET on May 19, the early tender date of its exchange offer and consent solicitation.

Indirect subsidiaries Trilogy International South Pacific LLC and TISP Finance, Inc. had begun a private offer on May 6 to some eligible noteholders to exchange any and all of the outstanding $350 million of 8 7/8% notes due 2022 issued through Trilogy International Partners LLC and Trilogy International Finance Inc. for new 8 7/8% senior secured notes due 2023 to be issued by Trilogy International South Pacific and TISP Finance.

Trilogy International Partners LLC was also soliciting consents to amend the existing notes.

Given the tenders received as of the early tender date, the company has the consents needed for entering into a supplemental indenture to amend the existing notes. The amendments will become operative on the settlement date for the exchange offer.

The exchange offer and consent solicitation will expire at 11:59 p.m. ET on June 3.

The withdrawal deadline has passed, and notes tendered in the exchange offer may no longer be withdrawn.

10% notes consents

According to Friday’s announcement, Trilogy International South Pacific also received the required consents to amend the note purchase agreement governing its outstanding $50 million of 10% senior secured notes due 2022 under a previously announced consent solicitation.

The effectiveness of the 10% notes consent solicitation is subject to some conditions, including the consummation of the exchange offer for the 8 7/8% notes.

The 10% notes consent solicitation will expire at 5 p.m. ET on June 3.

There are no revocation rights with respect to the 10% notes consent solicitation.

Trilogy International South Pacific retains the right to modify the 10% notes expiration date as well as the terms of the consent solicitation or to cancel the consent solicitation.

The effective date of the amendment and restatement of the note purchase agreement governing the 10% notes is expected to be concurrent with the settlement date for the exchange offer for the 8 7/8% notes.

The exchange and information agent for the exchange offer and consent solicitation is Ipreo LLC (888 593-9546 or ipreo-exchangeoffer@ihsmarkit.com).

The wireless and fixed broadband telecommunications operator is based in Bellevue, Wash.

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