euNetworks retires 3% convertibles due 2011 through puts, buybacks

By Susanna Moon

Chicago, May 29 - euNetworks Group Ltd., formerly called Global Voice Group Ltd., said it canceled all of its 3% convertible bonds due 2011.

The company purchased 90.6% of the convertibles, and holders put the remaining 9.4% of the bonds.

On Feb. 4, Global Voice announced plans to buy back 90.6% of the bonds under conditional agreements reached with holders.

The company said it would pay 75 for the 2011 convertibles for a total of €19.88 million.

The repurchases were to be funded with the proceeds of a proposed renounceable rights issue and, potentially, equity financing.

The company noted that if any selling 2011 convertibles holders exercise their put options and the repurchases under the agreements have not settled by April 19, the company would replace the existing put option with a new May 3 put option. Otherwise, the put option would be revoked.

The issuer is a Singapore-based subsidiary of Global Voice Group SA, a telecommunications carrier based in Port-au-Prince, Haiti.

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