Pakistan Mobile accepts $137.76 million of 8 5/8% notes due 2013 in oversubscribed tender

By Susanna Moon

Chicago, May 8 - Pakistan Mobile Communications Ltd. said investors tendered more than $153 million principal amount of its $250 million of 8 5/8% senior notes due 2013 in the offer for up to $140 million.

The company has accepted $137,762,000 of debt for $100.6 million in cash.

Pakistan Mobile increased the tender offer on April 23 from $100 million.

The company also exercised the fixed price option, which means it will pay a fixed price for the tendered notes rather than determine the price via a Dutch auction.

The tender offer expired at 5 p.m. on May 6. It began on April 8. The settlement date is May 11.

As of April 22, investors had tendered $103,542,000 principal amount in the form of non-competitive offers or in the form of offers at an indicative offer price at or below the repurchase price. Notes tendered before the April 22 announcement will not be prorated. After that date, tendered notes will be prorated at a factor of 73.3%.

As previously noted, the repurchase price is $730 per $1,000 principal amount of notes, which includes a premium of $30 for notes tendered by the early tender deadline.

Under the Dutch auction, noteholders were asked to specify an indicative offer price of between $700 and $770 per $1,000 principal amount of notes.

All noteholders who have already submitted a non-competitive offer or an indicative offer price at or below $730 will have their notes accepted and will receive the repurchase price.

Citigroup Global Markets Ltd. (44 0 20 7986 8969 or e-mail liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (44 0 20 7545 8011 or 65 6423 8581 or e-mail: 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 e-mail pmcl@lucid-is.com).

The Islamabad, Pakistan-based company provides mobile telecommunications services under the brand name Mobilink over its GSM network.

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