BCM Ireland tenders for Valentia's 7¼% notes, eircom's two 8¼% notes series

By Jennifer Chiou

New York, July 17 - BCM Ireland Holdings Ltd. announced a cash tender offer and consent solicitation for any and all of Valentia Telecommunications' €550 million of 7¼% senior notes due 2013 and eircom Group plc's €285 million of 8¼% senior subordinated notes due 2013 and $250 million of 8¼% senior subordinated notes due 2013.

The company said that the payout 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 consent deadline is 10 a.m. ET on July 28.

The tenders end at 11 a.m. ET on Aug. 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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.