ONO pulls tender for 2010 notes

New York, May 11 - ONO Finance plc said it has cancelled its tender offer for its 2010 notes.

The tender for the 2009 notes and 2011 notes continues but any notes tendered will not be eligible for the early participation payment.

ONO said on May 6 that the early tender deadline on its previously announced offer to purchase its dollar-denominated notes due 2011 expired as scheduled at 11 a.m. ET on May 3 without extension.

It said that holders of its dollar-denominated 2011 notes that tendered their notes (and delivered related consents to proposed indenture changes) by that deadline would receive the early participation payment as part of their consideration. The underlying tender offer meantime continues and is scheduled to expire at 3 a.m. ET on May 18, subject to possible extension. ONO Finance will continue to accept any and all tenders of the 2011 notes, although holders tendering after the early tender deadline will not receive the early participation payment as part of their consideration.

ONO finance also said that the maximum offer tender amount under its previously announced tender offer and consent solicitation for its 2010 notes would be €59 million. The expiration date continues to be 3 a.m. ET on May 18, subject to possible extension.

It said that the proposed amendments relating to the 2010 notes will take effect only if holders of a majority of the principal amount of the notes have consented to the amendments and all 2010 notes tendered by the expiration date have been accepted for purchase by ONO Finance.

As previously announced, ONO Finance, a unit of Spanish-based cable operator ONO Group, said on April 30 that it was offering to purchase up to €300 million principal amount of specified series of its outstanding debt securities, including the dollar-denominated 2011 notes, the 2010 notes and the dollar-denominated 2009 notes and euro-denominated 2009 and 2011 notes, and was also soliciting noteholder consents.

It set 11 a.m. ET on May 3 as the early participation date for the 2011 dollar-denominated notes, and said the offers for the dollar-denominated 2009 notes and the euro-denominated 2009 and 2011 notes would expire at 3 a.m. ET on May 14. It said the offers for the dollar-denominated 2011 notes and for the 2010 notes would expire at 3 a.m. ET on May 18, with all deadlines subject to possible extension.

Banc of America Securities (call 212 847-5834 or 888 292-0070) is lead dealer manager and solicitation agent while BNP Paribas (+44 20 7595-4860), Deutsche Bank AG London (+44 20 7545-9968) and Morgan Stanley & Co. International Ltd. (212 761-2219) are dealer managers and solicitation agents. The information agent is D.F. King & Co. Inc. (800 758-5378, or collect at 212 269-5550 or +44 20 7920-9700).

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