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GC Impsat obtains consents for 95.9% of 9 7/8% notes, enough to amend
New York, Sept. 10 - GC Impsat Holding I plc said it received tenders and consents for $215.8 million, or 95.9%, of its $225 million of 9 7/8% senior notes due 2017.
The response is sufficient for GC Impsat to be able to amend the notes.
The company said it will execute a supplemental indenture that will go into effect when it buys the notes.
On Aug. 24, GC Impsat announced it had begun a cash tender offer and consent solicitation for the debt.
The company is offering to buy all the notes at $1,050 per $1,000 principal amount, including a $50 per $1,000 consent payment that will only be made to holders who tendered with consents by 5 p.m. ET on Sept. 10.
GC Impsat will also pay accrued interest up to but excluding the settlement date.
The tender ends at midnight ET on Sept. 21.
In the original announcement, GC Impsat said holders of 35% of the notes had already indicated they would tender.
The consent solicitation is to amend the note indenture to eliminate substantially all the restrictive covenants, some events of default, and other provisions.
Funding will come from a debt transaction by affiliates of the company.
Conditions to completing the offer include completion of the financing and the receipt of tenders from holders of a majority of the notes by the consent deadline.
Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692), Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. are dealer managers. Global Bondholder Services Corp. (866 544-1500 or 212 430-3774) is depositary and information agent.
GC Impsat is a Florham Park, N.J., provider of telecommunications services in Latin America.
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