Colombia’s ETB announces final results of tender offer for 7% notes

By Wendy Van Sickle

Columbus, Ohio, Dec. 3 – Empresa de Telecomunicaciones de Bogota SA ESP took in an additional COP 1.19 billion of notes after the early deadline of its tender offer for up to COP 400 billion of its COP 530.18 billion outstanding 7% senior notes due 2023, according to a company news release on Tuesday.

The company took in tenders of COP 174.92 billion of notes by the early deadline for total tenders of COP 176.11 billion.

All holders whose notes were accepted for purchase will receive COP 975 per COP 1,000 principal amount of notes after the company extended the early tender consideration through the duration of the tender offer, as previously reported.

Prior to the change, holders who tendered after the early tender date were slated to receive the expiration consideration, or COP 945 per COP 1,000 principal amount of notes.

The tender offer began Nov. 1 and ended at 5 p.m. ET on Dec. 2. The early tender date was 5 p.m. ET on Nov. 15.

The company will also pay accrued interest up to but excluding the applicable settlement date. The company expects the final settlement date to be Dec. 6.

The final payments will be made in dollars converted at Ps. 3,522.48 per $1,000, the representative market rate as calculated and published by the Superintendence of Finance of Colombia at the end of the business day on Nov. 29.

Following settlement of the offer, COP 354,074,000,000 of the notes are expected to remain outstanding.

Settlement will occur through Euroclear and Clearstream.

All notes purchased in the offer will be canceled.

The offer is subject to some conditions, but it is not conditioned on the tender of any minimum principal amount of notes.

The offer is not being conducted in a manner eligible for the tender offer procedures of the Depository Trust Co. To participate in the offer, holders of DTC notes must either hold such notes through a direct participant in Euroclear or Clearstream or arrange for the transfer of its notes so that they are held through such a direct participant. There is no letter of transmittal in connection with this offer.

The dealer manager is Itau BBA USA Securities, Inc. (888 770-4828 or 212 710-6749). The tender and information agent is D.F. King & Co., Inc. (+44 20 7920 9700, 212 269-5550, 800 967-7510, etb@dfking.com or www.dfking.com/etb).

ETB is a telecommunications company based in Bogota, Colombia.

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