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Mexico's America Movil solicits consents for three Telmex note series
By Angela McDaniels
Tacoma, Wash., June 28 - America Movil, SAB de CV began consent solicitations for and offers to guarantee three series of notes issued by Telefonos de Mexico, SAB de CV, according to a 424B2 filing with the Securities and Exchange Commission.
The company is soliciting consents to amend the reporting covenant and other provisions in the indentures governing Telmex's $554,823,000 of 5.5% senior notes due 2015, Ps. 4.5 billion of 8.75% senior notes due 2016 and $377,382,000 of 5.5% senior notes due 2019.
The purpose of the proposed amendments is to allow Telmex to provide to the note trustee America Movil's annual report and other reports that it files with the SEC in lieu of reports relating to and filed by Telmex.
Holders are being offered a consent fee equal to 0.1% of par.
The consent fee will be paid in dollars except to holders of the Mexican peso-denominated notes who choose to instead receive their payments in pesos.
The consent solicitation will expire at 5 p.m. ET on July 12.
In order to amend a series of notes, the company must receive consents from the holders of a majority of that series. If the required consents are received, America Movil will provide a guarantee for that series of notes.
The solicitation agent is Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057). The information and tabulation agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers; others call 866 873-5600).
America Movil provides telecommunications services in 18 countries. Telmex provides fixed-line telecommunications services in Mexico. Both are based in Mexico City.
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