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Transtel Intermedia S.A.

Transtel Intermedia Issues Second Supplemental Offering Memorandum and Consent Solicitation Statement

11.05.2009 – 09:04

Cali, Colombia (ots/PRNewswire)

Transtel Intermedia S.A. (the "Company") today announced that it
has amended the terms of its (i) private offer to exchange, for each
US$100,000 of principal amount (excluding accrued but unpaid
interest) of its outstanding 12% Senior Notes due 2016 (the "Existing
Notes"), one of its units (the "New Units"), each New Unit consisting
of either US$100,000 principal amount of its unissued Senior Secured
Amortizing Step-up Dollar Notes due 2016 (the "New Dollar Notes") or
the Peso-equivalent of US$100,000 of principal amount of its unissued
Senior Secured Amortizing Step-up Peso-Denominated Notes (payable in
U.S. dollars) (the "New Peso Notes" and, together with the New Dollar
Notes, the "New Notes") and 100 warrants to purchase shares of its
common stock (the "New Warrants", and such private offer to exchange
being the "Exchange Offer"), and (ii) solicitation of consents to (a)
delist the Existing Notes from the Euro MTF, the alternative market
of the Luxembourg Stock Exchange, (b) make certain amendments to
documentation relating to (A) the indenture governing the Existing
Notes, (B) the indenture governing the 12-1/2% Senior Secured
Convertible Notes due 2008 (the "12-1/2% Secured Notes"), (C) the
warrant agreement governing the warrants offered by the Company
pursuant to the offer to exchange completed May 17, 2006, (D) the
security documents relating to the Existing Notes and (E) certain
other documentation relating to the Existing Notes (the "Consent
Solicitation"), and (c) waive certain events of default relating to
the Company's 121/2% Secured Notes and the Existing Notes. The
revised terms of the Exchange Offer and Consent Solicitation are set
forth in the Supplement No. 2 to the Offering Memorandum and Consent
Solicitation Statement dated May  11, 2009.
The Exchange Offer and Consent Solicitation are conditioned upon
at least 95% of the outstanding aggregate amount of the Existing
Notes being validly tendered and not withdrawn, which condition may
be waived by the Company in its sole discretion. The Exchange Offer
and Consent Solicitation are scheduled to expire at 5:00 p.m., New
York City time, on May 12, 2009, unless extended by the Company in
its sole discretion. The Company will not receive any cash proceeds
from the Exchange Offer, nor will any consent fee be payable pursuant
to the Consent Solicitation.
The purpose of the Exchange Offer and Consent Solicitation is to
alleviate the Company's short term liquidity constraints and to
provide the Company with greater short term financial flexibility in
order to promote its growth and improve its financial position.
Each New Warrant will entitle holders, subject to certain
conditions and to adjustments under certain circumstances, to
purchase fully paid and non-assessable shares of the Company's common
stock at an exercise price of Colombian Ps.1.00 per share. The New
Warrants will be exercisable at any time after issuance thereof and,
unless earlier exercised, will expire at 5:00 p.m. New York City time
on December 1, 2016. Upon exercise, the holders of the New Warrants
will be entitled, in the aggregate, to purchase shares representing
7.5% of the Company's common stock on a fully-diluted basis as of the
closing of the Exchange Offer, subject to adjustments in certain
circumstances.
Morgan Stanley & Co. Incorporated is acting as the dealer manager
and solicitation agent for the Exchange Offer and Consent
Solicitation. D.F. King & Co. is acting as information agent and HSBC
Bank USA, National Association is acting as exchange agent for the
Exchange Offer and Consent Solicitation.
Eligible recipients can obtain copies of the Exchange Offer and
Consent Solicitation documents by calling D.F. King at
+1-888-567-1626. Banks and brokers may call collect at
+1-212-269-5550.
Any questions on the Exchange Offer and Consent Solicitation may
be addressed to Morgan Stanley by calling U.S. toll free at
+1-800-624-1808 or calling collect at +1-212-761-8051.
The information contained herein is not for publication or
distribution into the United States. This press release is for
informational purposes only. The New Units, New Notes, New Warrants
and the underlying shares of common stock have not been registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws, and are only being offered to
(1) in the United States, qualified institutional buyers as defined
in Rule 144A under the Securities Act, in a private placement
transaction in reliance upon an exemption from the registration
requirements of the Securities Act and (2) outside the United States,
in compliance with Regulation S under the Securities Act. This press
release shall not constitute an offer to sell or a solicitation of an
offer to buy the New Units in the United States or in any
jurisdiction where the offer or sale is not permitted. Further, the
New Units, New Notes, New Warrants and the underlying shares of
common stock may not be sold in the United States absent registration
or an exemption from registration and any public offering of such
securities in the United States will be made by means of a prospectus
that may be obtained from the Company and that will contain detailed
information about the Company and its management, as well as its
financial statements.
The Company is a privately held fixed-line telecommunications
service provider operating in Colombia. As of December 31, 2008, the
Company provided telephone, internet and pay-television services to
288,194 subscribers. The Company initially established its business
by acquiring majority interests in underperforming telecommunications
companies that were owned and operated by local municipalities.
Following the acquisition of such companies, the Company designed and
implemented customized plans for the upgrade and expansion of each of
its acquired systems, which today comprise a fully digital,
fiber-optic network capable of providing a wide array of voice, data
and other media services, including broadband services.

Contact:

Guillermo O. Lopez, Chief Executive Officer of Transtel Intermedia
S.A., +57-2-680-8801

Plus de actualités: Transtel Intermedia S.A.
Plus de actualités: Transtel Intermedia S.A.