Impsat extends consent solicitation for 6% convertibles

By Michelle Anderson

Rochester, N.H., Feb. 27 - Impsat Fiber Networks, Inc. extended the solicitation of consents and waivers for its series A 6% senior guaranteed convertible notes due 2011 and series B 6% senior guaranteed convertible notes due 2011 to 5 p.m. ET on March 13, according to a press release.

As of the previous expiration date, Feb. 26, the company had received tenders from holders of $65,861,085, or 97% of the outstanding series A notes and 96%, or $24,807,000 of the series B notes.

Note holders who tender will receive $1,010 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date.

The company is soliciting consents to eliminate certain restrictive covenants and events of default contained in the indenture governing the notes and is seeking waivers of its obligation to hold an offer to purchase the notes 30 days following its planned merger with Global Crossing Ltd. and GC Crystal Acquisition, Inc.

As previously reported, under the proposed merger, Impsat will be acquired by Global Crossing and will receive $9.32 in cash per share of common stock.

Impsat is a Buenos Aires, Argentina-based provider of private telecommunications network and internet services in Latin America.

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