Philippine telco Globe Telecom has announced it will offer US$310 in cash per US$1,000 notes in Bayan Telecommunications, while also waiving its condition that 70% of bondholders agree to the deal.
Globe announced last month that it is looking to buy…
Philippine telco Globe Telecom has announced it will offer US$310 in cash per US$1,000 notes in Bayan Telecommunications, while also waiving its condition that 70% of bondholders agree to the deal.
Globe announced last month that it is looking to buy the local carrier’s US$185m debt and launched a tender offer for holders of the 13.5% senior notes.
In a statement today, the company said that it would offer US$310 in cash per US$1,000 debt to bondholders who tender their notes by the early tender date and US$307.50 to bondholders who tender their notes by the expiration date.
Globe also announced today that the settlement date of the tender offer would be 21 December.
TelecomFinance reported last week that Globe had extended its early tender date to 11 December, which remains unchanged in today’s announcement. The expiration date remains on 18 December.
Citigroup is serving as dealer manager for the transaction.
