Pakistan Mobile upsizes tender offer for 8 5/8% notes due 2013, chooses fixed-price option

By Angela McDaniels

Tacoma, Wash., April 23 - Pakistan Mobile Communications Ltd. will now purchase up to $140 million of notes under the tender offer for its $250 million of 8 5/8% senior notes due 2013 instead of up to $100 million as originally planned, according to a company announcement.

The company also extended the early tender deadline to 5 p.m. ET on April 27 from April 21 and exercised the fixed price option, which means it will pay a fixed price for the tendered notes rather than determine the price via a Dutch auction.

The repurchase price is $730 per $1,000 principal amount of notes, which includes a premium of $30.00 for notes tendered by the early tender deadline.

Previously, noteholders were asked to specify an indicative offer price of between $700 and $770 per $1,000 principal amount of notes.

All noteholders who have already submitted a non-competitive offer or an indicative offer price at or below $730 will have their notes accepted and will receive the repurchase price.

Noteholders who have already tendered their notes at an indicative offer price that is above the repurchase price can withdraw their tenders and resubmit their notes at the repurchase price. Those who do not resubmit will not have their notes accepted.

Noteholders who have not yet tendered their notes may do so at the repurchase price and will be subject to proration.

The offer began on April 8 and expires at 5 p.m. ET on May 6. Settlement is expected to take place three business days following the expiration.

As of 5 p.m. ET on April 21, $105 million principal amount of notes had been tendered.

Citigroup Global Markets Ltd. (44 0 20 7986 8969 or email liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (44 0 20 7545 8011 or 65 6423 8581 or email: liability.management@db.com, attn: liability management group) are the joint dealer managers and lead managers.

Standard Chartered Bank (44 0 20 7885 7241 or 65 6324 1740, attn: debt capital markets; 44 (0) 20 7885 5739/65 6557 8124, attn: Europe & US syndicate/Asia syndicate) is the lead manager.

For information, contact Lucid Issuer Services Ltd. (banks and brokers call 44 0 20 7704 0880, attn: Yves Theis or email pmcl@lucid-is.com).

The Islamabad, Pakistan-based company provides mobile telecommunications services under the brand name Mobilink over its GSM network.

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