tw telecom wraps tender offer for 9¼% notes, redeems remaining notes

By Devika Patel

Knoxville, Tenn., March 31 - tw telecom inc. said subsidiary tw telecom holdings inc. completed a cash tender offer for its $400 million 9¼% senior notes due 2014.

It purchased $366.5 million of the notes received by the early tender date of March 16 and $550,000 in notes tendered after the early tender deadline.

The company also said it redeemed all remaining notes on Wednesday at a redemption price of $1,030.83 for every $1,000 of notes, plus interest.

The tender offer began on March 3 and expired at 11:59 p.m. ET on March 30.

The company was also soliciting consents for some amendments to the notes' indenture to eliminate substantially all of the restrictive covenants and some events of default and modify the redemption notice period to three days from 30 days, among other things.

Holders who tendered prior to 5 p.m. ET on March 16 received the total consideration of $1,034.50 per $1,000 in notes, which included a consent payment of $30.00.

Holders who tendered their notes after March 16 but before March 30 received the tender offer consideration of $1,004.50 per $1,000 in notes.

The company also paid accrued interest up to but excluding the settlement date.

Based in Littleton, Colo., tw telecom is a provider of managed network services.

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