Primus to redeem $11.63 million 14¼% notes not tendered for exchange

By Marisa Wong

Madison, Wis., July 7 - Primus Telecommunications IHC, Inc. will redeem its $11,625,030 of outstanding 14¼% senior subordinated secured notes due 2013 at par plus accrued interest on Aug. 7, according to an announcement by Primus Telecommunications Group, Inc.

The outstanding principal amount represents all 14¼% notes that were not tendered for exchange in the recently announced exchange offers and consent solicitation that ended on July 5.

As previously reported, holders tendered units representing $78,374,970, or 87.08%, of the 14¼% notes. Holders also tendered units representing $127,565,000, or 98.15%, of the 13% senior secured notes due 2016 issued by Primus Telecommunications Group and Primus Telecommunications Canada Inc. Primus Telecommunications Holding, Inc. issued $228,605,707 of new 10% senior secured notes due April 15, 2017 in exchange for the tendered notes.

Primus Telecommunications Group also solicited consents from holders of the 13% notes to amend the indenture and to release the collateral securing the notes. The company announced that enough consents were received the make the change.

The redemption of the 14¼% will be partially funded with proceeds from the sale of the new 10% notes.

Primus is a McLean, Va.-based provider of advanced communication solutions.

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