BCM gets tenders for 98.3% of Valentia's 7¼% notes, 98.3% and 99.6% of eircom's two 8¼% notes series

By Jennifer Chiou

New York, Aug. 1 - BCM Ireland Holdings Ltd. announced that in a cash tender offer and consent solicitation it received tenders for €541 million or 98.3% of Valentia Telecommunications' €550 million of 7¼% senior notes due 2013, €280 million or 98.3% of eircom Group plc's €285 million of 8¼% senior subordinated notes due 2013 and $249 million or 99.6% of eircom's $250 million of 8¼% senior subordinated notes due 2013 at the early deadline.

The consent deadline was 10 a.m. ET on July 28.

The company received the required consents to amend the note indentures.

As previously announced, the company said that the payout in the tender offer will be based on the present value of future cash flows on the notes to Aug. 15, 2008, the first call date for the notes, discounted using the yield to maturity of the 4.75% German Bundesobligationen due July 4, 2008 and 50 basis points for the 7¼% notes; the 4.75% German Bundesobligationen due July 4, 2008 and 50 bps for the 8¼% euro-denominated notes; and the 4.125% Treasury due Aug. 15, 2008 and 50 bps for the 8¼% dollar-denominated notes.

The tenders end at 11 a.m. ET on Aug. 17. They began on July 17.

The payouts include a €30.00 or $30.00 consent payment for those who tender before the consent deadline.

Pricing will be fixed at 10 a.m. ET on Aug. 15.

The company will also pay accrued interest to the purchase date.

Deutsche Bank AG is the dealer manager and tender agent (44 20 7545-8011). D.F. King & Co., Inc. is the information agent (800 859-8511 or call collect 212 269-5550).

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