Philippine telco Globe Telecom has extended its early tender date to 11 December to buy Bayan Telecommunications’ US$185m debt.
In an announcement to the Philippine Stock Exchange, the company said that holders of the 13.5% senior notes who tender…
Philippine telco Globe Telecom has extended its early tender date to 11 December to buy Bayan Telecommunications’ US$185m debt.
In an announcement to the Philippine Stock Exchange, the company said that holders of the 13.5% senior notes who tender them by 11 December will receive “total consideration”. The previous early tender date was 27 November.
Those who tender their notes after 11 December but before the 18 December expiration date will receive “tender offer consideration”, which is US$2.50 less per US$1000 notes than the total consideration.
Globe also announced that as of 27 November, approximately 91.61% of the notes had been tendered and not withdrawn.
Citigroup is serving as dealer manager for the transaction.
TelecomFinance reported earlier this month that Globe was looking to purchase notes from the indebted local mobile telco, on the condition that at least 70% of bondholders agree to the transaction. Globe announced on Tuesday that it is also in talks to buy a stake in the company.