Telefonica de Argentina launches tender offer for three series of notes

By Susanna Moon

Chicago, Sept. 24 - Telefonica de Argentina SA said it is offering to purchase for cash up to $50 million and up to 200 million Argentine peso of three outstanding series of notes.

Covered by the tender offer are the company's $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. The notes are listed in order of priority acceptance.

The offers will expire at 11:59 p.m. ET on Oct. 22.

Under the dollar offer, for each $1,000 principal amount, the company will pay a total of $1,070 for the 8.85% conversion notes, $1,060 for the 9 1/8% notes and $1,070 for the 8.85% notes.

Under the peso offer, for each $1,000 principal amount, the company will pay a total of $1,086 for the 8.85% conversion notes, $1,076 for the 9 1/8% notes and $1,086 for the 8.85% notes.

The total amount includes a premium of $15.00 for notes tendered by 5 p.m. ET on Oct. 7, the early tender date.

Telefonica de Argentina is a Buenos Aires telecommunications company.

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