eircom pays consent fee to 9¼% noteholders; reorganization set to begin

By Susanna Moon

Chicago, Dec. 15 – eircom Ltd. said subsidiary eircom Finance Ltd. will pay a consent fee to holders who agreed to amend its €350 million principal amount of 9¼% senior secured notes due 2020, with settlement set for Monday.

The proposed amendments and waivers were sought in connection with the group’s reorganization, which will begin “shortly,” according to a company press release.

As previously announced, the company secured the needed consents to amend and to waive provisions of its 9¼% notes.

The company entered into a supplemental indenture to the notes on Aug. 26.

The consent solicitation required the consents of the holders of a majority of the outstanding notes voting as a single class.

The board of directors of the eircom Holdings (Ireland) Ltd. had considered strategic options for the future of the eircom group, which included a potential public offering of shares.

The company previously said that an IPO would result in a significant debt deleveraging of the balance sheet and improved cash flow.

The solicitation agents were Goldman Sachs International and Morgan Stanley & Co. International plc. The tabulation agent and the information agent was Lucid Issuer Services Ltd.

The issuer is a Dublin-based telecom.

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