Total Play Completes Successful Exchange Offer for Senior Notes With High Participation Rate
Total Play Telecomunicaciones, a prominent telecommunications entity in Mexico, announces the culmination of its Exchange Offer for outstanding 6.375% Senior Notes due 2028, reflecting exceptional participation from eligible holders. The Exchange Offer aimed to exchange existing notes for newly issued 11.125% Senior Secured Notes due in 2032, along with soliciting consents for proposed amendments.
As of the expiration date of February 6, 2025, Total Play reported an impressive acceptance from holders, garnering valid tender orders of $566 million, which represents 94.3% of all existing notes. This impressive uptake is a testament to the confidence investors have in Total Play's financial restructuring efforts. The Exchange Offer included a new cash payment incentive of $450 for every $1,000 of Existing Notes tendered, which further encouraged participation.
Following the successful tendering of these notes, Total Play is expected to settle the exchange on February 10, 2025. Eligible holders who participated early will receive a full par value of $1,000 for their tendered notes plus a cash incentive, whereas late participants will have slightly reduced returns. This strategic move by Total Play not only aids in restructuring existing debt but also strengthens its financial footing in a competitive market.
Moreover, the company successfully acquired the necessary consent for approving proposed amendments, ensuring compliance and legal backing for the changes implemented throughout this exchange process. This is expected to result in the execution of a supplemental indenture on the settlement date.
Total Play engaged renowned financial entities, including Barclays Capital Inc. and Jefferies LLC, to manage this exchange effectively, providing a layer of expertise to facilitate the process. They also coordinated with Ipreo LLC for communication and information dissemination, ensuring all participants were well-informed.
It's essential to note that these new notes have not been registered under U.S. or Mexican securities laws, thus limiting public offerings to qualified institutional buyers and institutional investors as specified in the regulations. This targeted approach ensures that the offering aligns with legal prerequisites, thereby safeguarding both the company and the investors involved.
In a positive development, Total Play is bolstered by a robust network as a leading telecom provider in Mexico. The company excels in providing internet, pay television, and telephony services, backed by one of the largest fiber-optic networks in the nation. This strategic focus on enhancing services, alongside financial maneuvers like the Exchange Offer, reinforces its commitment to growth and stability in the competitive telecommunications landscape.
The completion of this Exchange Offer positions Total Play favorably for navigating the complexities of the telecommunications market while enhancing investor trust and paving the way for future growth initiatives. Stakeholders can look forward to witnessing the benefits of this strategic financial decision as it unfolds in the coming months.
As of the expiration date of February 6, 2025, Total Play reported an impressive acceptance from holders, garnering valid tender orders of $566 million, which represents 94.3% of all existing notes. This impressive uptake is a testament to the confidence investors have in Total Play's financial restructuring efforts. The Exchange Offer included a new cash payment incentive of $450 for every $1,000 of Existing Notes tendered, which further encouraged participation.
Following the successful tendering of these notes, Total Play is expected to settle the exchange on February 10, 2025. Eligible holders who participated early will receive a full par value of $1,000 for their tendered notes plus a cash incentive, whereas late participants will have slightly reduced returns. This strategic move by Total Play not only aids in restructuring existing debt but also strengthens its financial footing in a competitive market.
Moreover, the company successfully acquired the necessary consent for approving proposed amendments, ensuring compliance and legal backing for the changes implemented throughout this exchange process. This is expected to result in the execution of a supplemental indenture on the settlement date.
Total Play engaged renowned financial entities, including Barclays Capital Inc. and Jefferies LLC, to manage this exchange effectively, providing a layer of expertise to facilitate the process. They also coordinated with Ipreo LLC for communication and information dissemination, ensuring all participants were well-informed.
It's essential to note that these new notes have not been registered under U.S. or Mexican securities laws, thus limiting public offerings to qualified institutional buyers and institutional investors as specified in the regulations. This targeted approach ensures that the offering aligns with legal prerequisites, thereby safeguarding both the company and the investors involved.
In a positive development, Total Play is bolstered by a robust network as a leading telecom provider in Mexico. The company excels in providing internet, pay television, and telephony services, backed by one of the largest fiber-optic networks in the nation. This strategic focus on enhancing services, alongside financial maneuvers like the Exchange Offer, reinforces its commitment to growth and stability in the competitive telecommunications landscape.
The completion of this Exchange Offer positions Total Play favorably for navigating the complexities of the telecommunications market while enhancing investor trust and paving the way for future growth initiatives. Stakeholders can look forward to witnessing the benefits of this strategic financial decision as it unfolds in the coming months.
Topics Financial Services & Investing）
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