Subex begins exchange offer for $180 million 2% convertibles due 2012

By Angela McDaniels

Tacoma, Wash., Sept. 25 - Subex Ltd. is offering new, dollar-denominated convertible unsecured bonds due 2012 in exchange for its $180 million outstanding principal amount of 2% convertible unsecured bonds due 2012, according to a company news release.

The exchange offer will expire at 11 a.m. ET on Oct. 6, and settlement is expected to occur on Oct. 23.

An application has been made to list the new bonds on the Singapore Exchange Securities Trading Ltd.

The exchange offer is not being made in the United States or Italy, and further details about the offer are being distributed to bondholders in an exchange offer memorandum.

Barclays Bank plc (+44 20 7773 8300 or +852 2903 2776) is the dealer manager, and Bank of New York Mellon, London Branch (+44 20 7964 4958) is the exchange agent.

Subex provides operations support systems and is based in Bangalore, India.

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