Philippines' Lopez Holdings wraps up tender offer for 7 7/8% notes

By Marisa Wong

Madison, Wis., Sept. 6 - Lopez Holdings Corp. announced the expiration of the tender offer to purchase for cash any and all of its outstanding 7 7/8% notes due 2002. The offer began on Aug. 2 and expired at 5 p.m. ET on Sept. 1, according to a company press release.

Lopez said that $13,966,000 of the notes were tendered, all of which were accepted for purchase.

Lopez issued $150 million of the notes in 1997. As of the start of the tender offer, $20,616,000 of the notes remained outstanding, according to a previous 17-C filing with the Philippines Securities and Exchange Commission.

As previously reported, holders will receive par. Payment was scheduled for Sept. 6.

The company said it also began a cash purchase offer and consent solicitation for its series A-2 long-term commercial paper issued in 1996.

Both offers were funded with available cash on hand.

ING Bank NV, Singapore Branch was the dealer manager, and Bondholder Communications Group, LLC was the information and tender agent for the notes offer.

Lopez is a Pasig City, Philippines-based holding company for investments in the broadcasting and cable, telecommunications, power generation and distribution and banking sectors.

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