Subex again extends exchange offer for $180 million 2% convertibles

By Jennifer Chiou

New York, Oct. 7 - Subex Ltd. announced another extension of its offer of new dollar-denominated convertible unsecured bonds due 2012 in exchange for its $180 million of 2% convertible unsecured bonds due 2012.

The exchange offer will now expire at 7 a.m. ET on Oct. 14, pushed back from Oct. 8. It had been extended from 11 a.m. ET on Oct. 6, and settlement is expected to occur on Oct. 23. The offer began on Sept. 25.

Subex also said it intends to announce the results on Oct. 16.

The company also amended the definition of relevant indebtedness in the covenants of the new bonds to mean indebtedness other than that which is outstanding under the 2% convertibles in the offer.

The company also said that it will not incur additional relevant debt without the approval of an ordinary resolution. It further noted that it has received a no objection certificate from Axis Bank Ltd. as well as the State Bank of India.

As already reported, an application has been made to list the new bonds on the Singapore Exchange Securities Trading Ltd.

The exchange offer is not being made in the United States or Italy, and further details about the offer are being distributed to bondholders in an exchange offer memorandum.

Barclays Bank plc (+44 20 7773 8300 or +852 2903 2776) is the dealer manager, and Bank of New York Mellon, London Branch (+44 20 7964 4958) is the exchange agent.

Subex provides operations support systems and is based in Bangalore, India.

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