Bangladesh’s Banglalink launches consent bid for 8 5/8% notes due 2019

By Wendy Van Sickle

Columbus, Ohio, Aug. 31 – Banglalink Digital Communications Ltd. is soliciting consents from holders to amend its $300 million of 8 5/8% notes due May 6, 2019 and waive compliance with some reporting obligations, according to a notice.

The company is offering a consent fee of $1.50 per $1,000 principal amount of notes to holders who deliver their consents. Payment of the consent fee is subject to some conditions, including the receipt of consents from holders of at least a majority of the outstanding notes.

The solicitation ends at 5 p.m. ET on Sept. 11.

The proposed amendments include an increase in the consolidated leverage ratio to 5x from 3.5x, such that the company will be in a position to incur additional debt to be used to redeem the notes and for general corporate purposes.

The company is also seeking to eliminate a requirement to make copies of some reports available on its website and to waive any past default related to its failure to do so.

Citibank NA, London Branch (exchange.gats@citi.com) is the information agent and tabulation agent.

The issuer is a telecommunications operator providing mobile telecommunications services to retail, corporate and other customer segments through both prepaid and postpaid product offerings. It is based in Dhaka, Bangladesh.

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