Autopistas del Sol announces final results of tender offer

New York, July 29 - Autopistas del Sol SA announced the final results of its recent cash tender offer for its existing debt (i.e. its 9.35% series A senior notes due 2004 and 10.25% Series B senior notes due 2009, as well as its unsecured bank debt).

It said that it had been advised by the depositary for the offer that the company had accepted for purchase $8,121,289 principal amount of existing debt, at a purchase price of $380 per $1,000 principal amount. The purchase price (previously set via a modified Dutch tender offer process) applies to all debt accepted for payment under the cash tender offer, which expired as scheduled at 5 p.m. ET on July 24.

The cash payment required from the company to complete the tender offer was $3,086,090.

As previously announced, Autopistas, a Buenos Aires, Argentina-based company, announced on May 15 that it was soliciting powers of attorney in favor of an attorney-in-fact from the holders of its existing debt, so the company could execute a consent to an acuerdo preventivo extrajudicial, or APE, a variety of restructuring transaction permitted under Argentine business law.

It also began a concurrent cash tender offer to spend up to $18 million to repurchase its existing debt and eventually determined the price it would pay for that debt via the modified Dutch auction process.

The APE solicitation and cash tender offer were extended several times.

Autopistas said on July 24 that as of the expiration deadline, holders of $451 million principal amount of its existing debt, or 95%, agreed to back its solicitation of powers for the APE, with approximately $8 million tendered under the cash tender offer, with payment to be made on July 29 or promptly after that.

It said the APE debt had either actually been tendered in the solicitation, or holders had agreed to participate in the APE by entering into support agreements, subject to certain conditions,.

Autopistas said it planned to file the APE with a commercial court in the City of Buenos Aires for court approval as promptly as practicable.

The information agent for both the APE Solicitation and the cash tender offer was D.F. King & Co., Inc. (212 493-6920). The depositary for the tender offer was JPMorgan Chase Bank.

Telefonica de Argentina extends exchange offer and waives minimum tender condition

New York, July 29 - Telefonica de Argentina SA said it extended its previously announced offer to exchange new debt plus cash for two outstanding series of its own notes and two outstanding series of notes issued by its holding company, Compania Internacional de Telecomunicaciones SA (Cointel).

It also said that it had waived the 90% minimum tender condition for each of the four series of notes it is exchanging new debt and cash for.

The company said that the offer, which had been scheduled to expire at 11:59 p.m. ET on July 30, has now been extended to 11:59 p.m. ET on Aug. 4, subject to possible further extension, and also extended the noteholders' right to withdraw previously tendered notes to that new date.

Telefonica said that as of 5 p.m. ET on July 28, it had received tenders from the holders of $212 million of its 11 7/8% notes due 2004, or 71% of the $300 million outstanding principal amount.

It received tenders from holders of $240 million of its 9 1/8% notes due 2008, or 65% of the $368.5 million outstanding amount.

It received tenders from holders of $167 million of Cointel's 8.85% series A notes due 2004, or 74% of the $225 million outstanding amount.

And it received tenders from holders of 31 million Argentine pesos of Cointel's 10 3/8% series B notes due 2004, or 18% of the Ps.175 million outstanding amount.

As previously announced, Telefonica, a Buenos Aires, Argentina-based telecommunications company, had offered to exchange two series of new Telefonica debt and a cash payment in the appropriate currency in exchange for the outstanding Telefonica and Cointel notes, and initially set a 90% minimum tender requirement, since waived.

Telefonica said on July 23 that noteholders' meetings of its 2004 notes and its 2008 notes held on July 22 had approved proposed amendments to the terms and conditions of those notes in order to delete substantially all the restrictive covenants and events of default, subject to consummation of the exchange offers.

On July 4, a noteholders' meeting of Cointel's series A notes approved the proposed amendments to the terms and conditions of those notes in order to delete substantially all of the restrictive covenants and events of default, subject to consummation of such exchange offer.

The July 22 noteholders' meeting of Cointel's series B notes was meanwhile adjourned and scheduled to reconvene on July 29.

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