Colombian Telecom ETB Announces Results of $400 billion COP Tender For Outstanding 7% Senior Notes Due 2023
Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. announced earlier this month the final tender results in connection with its previously announced offer to purchase for cash up to $400,000,000,000 COP in aggregate principal amount of its outstanding 7.00% Senior Notes due 2023 dated November 1, 2019.
Following consummation of the offer. $354,074,000,000 COP aggregate principal amount of the notes are expected to remain outstanding.
Announcement of Final Tender Results
The following table summarizes the final tender results as of 5:00 p.m., New York City time, on December 2, 2019 and the principal amount of Notes that ETB has accepted for purchase:
| Title of Security | CUSIP / ISIN Nos. | Expiration Consideration(1) | Principal Amount Tendered on or prior to the Early Tender Date(2) and Accepted for Purchase | Principal Amount Tendered after the Early Tender Date and on or prior to the Expiration Date and Accepted for Purchase | |
| 7.00% Senior Notes due 2023 | CUSIP: 29245Y AB5 (144A) / P3711Z AB5 (REG S)
ISIN: US29245YAB56 (144A) / USP3711ZAB50 (REG S) | COP 975 | COP 174,920,000,000 | COP 1,186,000,000 | |
| _____________________________ | |||||
| (1) | The amount to be paid for each COP 1,000 principal amount of Notes validly tendered and accepted for purchase, excluding Accrued Interest. | ||||
| (2) | Early tender results as of 5:00 p.m., New York City time, on November 15, 2019 (the “Early Tender Date”). | ||||
According to the information provided by tender agent D.F. King & Co., a total of $1,186,000,000 COP aggregate principal amount of notes had been validly tendered after the early tender date and on or prior to the expiration date, and a total of $176,106,000,000 COP aggregate principal amount of notes had been validly tendered from November 1, 2019 to the expiration date.
Holders of notes validly tendered after the early tender date and on or prior the expiration date and that are accepted for purchase pursuant to the offer, subject to the maximum tender amount and proration, are eligible to receive the expiration consideration of 975 COP per 1,000 COP principal amount of notes tendered. The expiration consideration will be payable in U.S. dollars and converted at COP $3,522.48 per U.S.$1.00, the representative market rate (tasa representativa del mercado) for the purchase of U.S. dollars with Colombian pesos as calculated and published by the Superintendence of Finance of Colombia (Superintendencia Financiera de Colombia) at the end of November 29, 2019, the business day prior to the expiration date. Notes validly tendered and accepted for purchase after the early tender Date and on or prior to the expiration date were expected to be purchased on December 6, 2019, which is the fourth business day following the expiration date, subject to the terms and conditions described in the Offer to Purchase. In addition, holders whose notes are accepted for purchase will also be paid accrued and unpaid interest from, and including, the last interest payment date up to, but not including, the Final Settlement Date.
Itau BBA USA Securities, Inc. acted as dealer manager for the offer.
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