NII Holdings Announces Tender Offer for Convertible Notes
Latin American digital trunking firm NII Holdings will pay a US$80 cash premium to bondholders for every US$1,000 of convertible notes due 2034 they convert into company shares, NII said in a statement.
The offer encourages note holders to convert US$1,000 of convertible notes into 37.556 shares through July 23, 2007.
Conversion of all notes would require NIII to pay out US$28.2mn but enable the company to reduce total consolidated debt by US$300mn and an annual interest expense of approximately US$8.6mn would be eliminated.
Through the offer, the company would add 11,269,800 shares bringing the total to 163,157,450.
US-based NII operates under the Nextel brand in Mexico, Brazil, Argentina, Chile and Peru offering push to talk services to enterprise clients."
Posted to the site on 26th June 2007
