Mobile group America Movil announced on Monday an exchange offer for US$1.3bn of debt from its subsidiary Telmex.
America Movil, which is owned by the Mexican telecoms magnate Carlos Slim, acquired a controlling stake in Telmex in 2010.
In its…
Mobile group America Movil announced on Monday an exchange offer for US$1.3bn of debt from its subsidiary Telmex.
America Movil, which is owned by the Mexican telecoms magnate Carlos Slim, acquired a controlling stake in Telmex in 2010.
In its announcement, it said that it would exchange US$798.4m of Telmex notes (5.50% senior notes due in 2015) for America Movil’s 5.75% senior notes due in 2015.
It also said that US$500m of Telmex notes (5.5% senior notes due in 2019) would be exchanged for America Movil 5% senior notes due in 2020.
The exchange offer expires at 5pm on 3 March, but in order to receive the early exchange price, the holders of the Telmex notes must have tendered their notes by 5pm on 16 February.
If the Telmex 2015 senior notes are tendered before the early tender date, then America Movil will offer US$980.69 in its new 2015 notes for each US$1,000 of the old notes.
America Movil will also offer US$1,018.33 in its new 2020 notes for each US$1,000 of the old Telmex 2019 notes if they are tendered before the early tender date.
Figures from 30 September 2010 show that it had 216.8m wireless subscribers in the Americas.