India’s GTL to settle exchange offer for convertibles on Thursday

By Susanna Moon

Chicago, Oct. 24 – GTL Infrastructure Ltd. said it amended the timeframe for exchanging its $207,546,000 interest bearing convertible bonds due 2017.

Settlement will occur on Oct. 26, or within three days of the company’s announcement on Monday.

GTL said on Aug. 31 that holders approved the issue of new five-year notes in exchange for three series of foreign-currency convertible notes, series B, issued in 2012.

In the proposed exchange offer, the company is offering the following:

• $93.44 million of series B1 zero-coupon compulsorily convertible bonds due 2022;

• $100 million of series B2 optionally convertible redeemable bonds due 2022; and

• $34.84 million of series B3 zero-coupon compulsorily convertible bonds due 2022.

After the exchange, GTL would hold $100 million of optionally convertible notes, reduced from $193.44 million, according to notices filed with the Bombay Stock Exchange and the Singapore Stock Exchange.

Mumbai-based GTL Infrastructure provides telecom infrastructure to multiple service providers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.