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Masmovil to issue €30 million of bonds, gets €27 million in financing
By Caroline Salls
Pittsburgh, July 12 –Masmovil Ibercom, SA’s Masmovil Broadband, SAU subsidiary will issue €30 million of project bonds, according to a news release.
The bonds will mature on July 27, 2024 and carry a coupon of 5¾%.
Proceeds of the issuance are earmarked for expansion of Masmovil Broadband’s broadband plan.
The bonds are targeted exclusively to qualified investors and professional customers.
Intermoney Values, SV SA has acted as overall agent, with Bankinter Securities, SV and Banco de Sabadell, SA as placement agents and Andbank, SA as co-lead.
The company’s legal advisers are Evergreen Legal and Castaneda Lawyers.
In accordance with the Masmovil Broadband bond issue, the company reached a more than €27 million financing agreement with ZTE Spain, SLU.
Interest on the financing will be 5%. Otherwise, the terms of the financing are the same as the terms of the bonds.
In addition, holders of Masmovil Ibercom’s 5½% senior unsecured bonds due June 30, 2020 will meet to receive information on a purchase of Xfera Moviles, SA, Pepe World, SL, Pepe Mobile, SL and Pepe Energy, SL shares and participation certificates and to vote on waivers and modifications to the terms of the bonds, according to a company news release.
The first call of the bondholders’ meeting will be on July 27, and the second call will be on July 28 if no quorum is achieved at the first call.
The proposed bond waivers and modifications are related to order of priority, value, additional debt, negative pledge and shareholder distribution provisions.
Masmovil is a San Sebastian, Spain-based telecommunications company.
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