Pakistan Mobile tenders for $250 million 8 5/8% notes in Dutch auction

By Susanna Moon

Chicago, April 8 - Pakistan Mobile Communications Ltd. said it began a modified Dutch auction tender offer for up to $100 million of its outstanding $250 million 8 5/8% senior notes due 2013.

The offer expires at 5 p.m. ET on May 6.

The company said it may exercise the fixed price option and announce a price by 9 a.m. ET on April 22. The minimum price is $700 and the maximum is $770, including a premium of $30 for notes tendered by the early tender date of 5 p.m. ET on April 21.

If the company decides not to exercise its option to announce a fixed price, the repurchase price will be announced on May 7. Settlement is expected to take place three business days following the expiration.

Pakistan Mobile said that holders who tender their notes by 5 p.m. ET on April 21 will receive more consideration, and notes tendered before this time may receive preference in being accepted for purchase.

Citigroup Global Markets Ltd. (44 0 20 7986 8969 or email liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (44 0 20 7545 8011 or 65 6423 8581 or email: liability.management@db.com, attn: liability management group) are the joint dealer managers and lead managers.

Standard Chartered Bank (44 0 20 7885 7241 or 65 6324 1740, attn: debt capital markets; 44 (0) 20 7885 5739/65 6557 8124, attn: Europe & US syndicate/Asia syndicate) is the lead manager.

For information, contact Lucid Issuer Services Ltd. (banks and brokers call 44 0 20 7704 0880, attn: Yves Theis or email pmcl@lucid-is.com).

The Pakistan-based company provides mobile telecommunications services under the brand name Mobilink over its own GSM network to both retail and corporate subscribers.

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