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Telefonica de Argentina sets exchange rate to be used in tender offer
By Angela McDaniels
Tacoma, Wash., Oct. 20 - Telefonica de Argentina SA has determined the dollar/Argentine peso exchange rate it will use to calculate the price to be paid in its tender offer for three series of notes.
The exchange rate is 3.8204 pesos per dollar, according to a company news release.
The company began two tender offers for its $28,576 of 8.85% conversion notes due August 2011, $195,507,000 of 9 1/8% notes due November 2010 and $134,644,000 of 8.85% notes due August 2011 on Sept. 24.
The notes are listed in order of priority acceptance.
The company will spend up to $75 million to purchase notes in the first offer and up to 200 million pesos in the second offer. There is a sublimit of 150 million pesos for the 8.85% notes.
Under the dollar offer, the company will pay $1,070 per 8.85% conversion note, $1,060 per 9 1/8% note and $1,070 per 8.85% note.
Under the peso offer, the company will pay an amount in pesos equivalent to $1,086 per 8.85% conversion note, $1,076 per 9 1/8% note and $1,086 per 8.85% note.
Each payment amount includes a premium of $15.
The expiration date is 11:59 p.m. ET on Oct. 22.
The offers were amended on Oct. 8 to increase the cap for the dollar offer from $50 million and to extend the premium to all tendering holders. Before the change, only notes tendered by 5 p.m. ET on Oct. 7, the early tender date, would have been eligible for the premium.
As of the early tender date, holders had tendered all $28,576 of the 8.85% conversion notes, $42,494,000 of the 9 1/8% notes and $15,825,000 of the 8.85% notes in the dollar offer.
Under the peso offer, holders had tendered $2,502,000 of the 9 1/8% notes and $1,176,000 of the 8.85% notes.
Telefonica de Argentina is a Buenos Aires telecommunications company.
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