#Senior Notes #Exchange Offer #Mexico #Mexico City #Total Play

Total Play Telecomunicaciones Announces Results of Exchange Offer

Total Play Telecomunicaciones, S.A.P.I. de C.V. has recently disclosed the preliminary results of its Exchange Offer regarding the 6.375% Senior Notes due in 2028. This exchange offer invites holders of the existing notes to exchange them for newly issued 11.125% Senior Secured Notes due in 2032, alongside a cash incentive of $450 for each $1,000 of existing notes surrendered.

As of January 22, 2025, the company reported that it had received bids for an impressive total of $565,139,000 in existing notes from eligible holders. This amount represents a substantial 94.2% of the total outstanding existing notes. The interest in this exchange suggests strong confidence from investors in the proposed terms of the new notes.

The deadline for existing notes holders to withdraw their tender offers passed at 5:00 PM New York City time on January 22, 2025. Consequently, all validly tendered existing notes and corresponding cash deposits for the exchange are now irrevocable unless otherwise stated by Total Play or as required by law. Following the early results, it is confirmed that a majority of the outstanding existing notes have expressed consent for the proposed amendments outlined in the exchange offer memorandum.

Consequently, Total Play plans to formalize the proposed amendments through a supplemental indenture with the trustee associated with the existing notes. While this supplemental agreement will take effect immediately once executed, the full impact of the amendments won’t take place until the exchange offer consideration is settled.

Investors wishing to participate must act promptly, as the exchange offer will terminate at 5:00 PM New York City time on February 6, 2025. Eligible holders submitting valid tender orders before this expiration will receive Late Tender Consideration, provided they also deposit their respective cash incentive at the designated time.

Potential participants in the exchange offer are advised to thoroughly review the complete terms and conditions laid out in the Exchange Offer and Consent Solicitation Memorandum. This document includes essential information, including risk factors that prospective participants must consider before submitting their notes for exchange.

It’s important to note that while Total Play extends this invitation to eligible holders, it explicitly does not recommend any particular course of action regarding the exchange of existing notes. Each investor is encouraged to evaluate their financial strategy and reach a decision based on their unique circumstances.

For any clarifications or inquiries regarding the exchange process, holders can reach out to the designated exchange and information agent, Ipreo LLC, via their contact channels. This ensures that holders can safely navigate the procedural aspects of the exchange offer, understanding the full implications and benefits of participation.

In summary, Total Play’s early exchange results illustrate a strong uptake in the market, reflecting investor confidence in the company’s financial stability and future prospects. With significant interest from eligible note holders and a clear pathway for securing enhanced returns through the newly issued notes, this exchange offer positions Total Play optimally in the competitive telecommunications landscape.

For further details regarding the exchange offer, interested parties can examine the documents provided by the exchange agent upon confirmation of eligibility through submission of the necessary paperwork. This is a crucial aspect ensuring compliance and access to the relevant documentation governing the exchange.