Thai Telco, Telenor Asia tender for Total Access Communication's convertible bonds

By Jennifer Chiou

New York, Nov. 4 - Thai Telco Holdings Ltd. and Goldman Sachs Singapore on behalf of Telenor Asia Pte Ltd. have started a cash offer for all Total Access Communication Public Co. Ltd.'s unsecured convertible bonds due 2006.

According to Total Access Communication's unaudited financial statements, as of June 30, it had $1.5 million of convertibles outstanding.

The company said it will pay $299.6727 in cash for each $1,000 in principal amount of convertible bonds, a level based on the price on offer for the company's foreign shares multiplied by the conversion ratio.

Until April 30, 2006, bondholders may convert their securities at 95.24 shares for each $1,000 principal amount, for a conversion price of $10.50 per share.

On Oct. 20, Thai Telco Holdings and Goldman Sachs, acting for Telenor Asia, announced a mandatory unconditional cash offer for all Total Access Communication's ordinary shares. As previously announced, the companies said they would make a related offer for the convertibles.

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