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Hong Kong's City Telecom prolongs tender for 8¾% notes
By Jennifer Chiou
New York, Aug. 20 - City Telecom (H.K.) Ltd. said it extended the cash tender offer for its $89.35 million of 8¾% senior notes due Feb. 1, 2015 to 8 a.m. ET on Oct. 1.
The tender offer had been set to end at 8 a.m. ET on Aug. 21. It began on July 9.
The consent solicitation expired at 5 p.m. ET on July 24.
On July 25, the company said it would execute a supplemental indenture to eliminate substantially all of the restrictive covenants and certain events of default after having received tenders from holders of a majority of the notes.
For each $1,000 principal amount, the company said it will pay $980, including a $20 consent payment for those who tendered by the early deadline.
City Telecom also said it will pay accrued interest to the payment date.
The company added that it intends to fund the offer using a portion of the proceeds from a new debt financing.
As previously reported, the company bought back $10.85 million of the notes on Dec. 6, 2007, $3 million on Dec. 7, 2007, $13.85 million on Dec. 10, 2007, $3 million on Dec. 19, 2007, $5 million on Jan. 22, 2008, $3.55 million on Feb. 22 and $10.25 million on Feb. 29.
As of Feb. 29, the company had bought back $35.65 million of the notes.
D.F. King is the information agent (800 628-8532). HSBC Securities (USA) Inc. is the dealer manager and solicitation agent (888 HSBC-4LM or call collect 212 525-5552; 852 2822-3071; 44 20 7991-5874 or liability.management@hsbcib.com).
City Telecom is Hong Kong's second-largest international direct-dialing operator.
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