Eircom solicits consents for 4˝% notes to waive change of control

New York, Jan. 8 – Eircom Finance DAC began a solicitation of consents to a one-time waiver of the change-of-control provision in its €700 million of 4˝% senior secured notes due 2022.

The company is offering a fee of €1.50 per €1,000, according to a notice.

Consents must be delivered by 11 a.m. ET on Jan. 12.

Eircom is seeking a one-time waiver of the application of the change-of-control covenant in the note indenture and amendments to the indenture concerning some defined terms, including to the term “permitted holder,” which relate to the change-of-control covenant.

The waiver is being requested in connection with the acquisition by NJJ Telecom Europe SAS and its affiliates, including Iliad SA, of a majority stake in eircom Holdco SA, the indirect parent of Eircom Finance.

Following the acquisition, existing shareholders, funds managed by Anchorage Capital Group, LLC and funds managed by Davidson Kempner Capital Management LP, will retain minority interests in eircom Holdco.

The waiver and proposed amendments will allow the acquisition to be completed without requiring the issuer to make a change-of-control offer and to similarly allow subsequent transfers of beneficial ownership of eircom Holdco to NJJ and its affiliates without an offer.

Goldman Sachs International (liabilitymanagement.eu@gs.com or +44 20 7774 9862) is the solicitation agent and Lucid Issuer Services Ltd. (+44 20 7704 0880 or eircom@lucid‑is.com) is the information and tabulation agent.

Eircom is a Dublin-based telecommunications company.

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