Globe settles deals on BayanTel, RCPI debts

Globe Telecom Inc. on Wednesday said it completed and settled on December 21 its tender offers for senior notes issued by Bayan Telecommunications Inc. (BayanTel) and for outstanding loans of both BayanTel and Radio Communications of the Philippines Inc. (RCPI).

 

In a disclosure to the Philippine Stock Exchange (PSE), Globe said it had tendered an offer to buy for cash 13.5 percent of BayanTel senior notes originally due in 2006. The offer to buy the loans are subject to the rehabilitation plans of BayanTel and RCPI, the company added.

 

It is paying $310 per $1,000 of the remaining principal amounts of notes and loans and, in the case of peso-denominated loans, P310 per P1,000. Holders of the notes on offer after the extended early tender date and on or before the December 18 (New York City time) expiration date were paid $307.50 for each $1,000 of the remaining notes.

 

As of the expiration of the tender offer, 92.90 percent of the remaining notes have been tendered and not withdrawn, the network said. It noted that 98.26 percent of the BayanTel loans and 100 percent of the RCPI loans have been tendered as of that date. The overall acceptance level was 96.17 percent, Globe added.

 

Citibank N.A.’s London branch served as the tender agent and Citigroup Global Markets was the dealer manager for the tender offers, the disclosure read. — VS, GMA News