Song Networks says remaining senior notes exchanged for stock

New York, May 22 - Song Networks Holding AB said it exchanged its remaining senior notes for common stock.

The Stockholm, Sweden data and telecommunications operator said it issued a total of 31,518,188 ordinary shares and 3,412,645 preference shares in the entire note exchange.

Song conducted the exchange under resolutions passed by shareholders on Nov. 11, 2002 and a Plan of Composition (Akkoord) confirmed by the District Court of Amsterdam on Dec. 4, 2002.

The exchange applied to Song's $150 million 13% senior notes due May 15, 2009, €100 million 13% senior notes due May 15, 2009, €150 million 11 7/8% senior notes due Dec. 1, 2009 and €175 million 12 3/8 % senior notes due Feb. 1, 2009.

Song held subscription periods from Dec. 4, 2002 to May 2, 2003. By May 2, all notes had been tendered by holders for exchange.

The exchange and related transactions leaves Song essentially debt free and with SEK495 million of new cash. As previously announced, bondholders own 60% of the company.

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