|By PR Newswire||
|December 7, 2012 07:40 AM EST||
MANILA, Philippines, Dec. 7, 2012 /PRNewswire/ -- Globe Telecom, Inc. ("Globe") announced today further preliminary results of its previously announced tender offers. These tender offers are: (i) for the 13.5% Senior Notes originally due 2006 (the "Notes") issued by Bayan Telecommunications, Inc. ("Bayantel"), its tender offer to purchase for cash any and all of the Notes (the "tender offer for the Notes"); and (ii) for the outstanding loans made to Bayantel (the "BTI Loans") and to Radio Communications of the Philippines, Inc. (the "RCPI Loans" and together with the BTI Loans, the "Loans"), in each case that were and are subject to the Rehabilitation Plan of Bayantel and Radio Communications of the Philippines, Inc. ("RCPI"), its tender offer to purchase for cash any and all of the outstanding Loans (the "tender offer for the Loans," and together with the tender offer for the Notes, the "tender offers").
As of December 6, 2012, Notes representing approximately 91.66% of the aggregate Remaining Principal Amount of Notes had been tendered and not withdrawn in the tender offer for the Notes, approximately 98.21% of the aggregate Remaining Principal Amount of BTI Loans had been tendered and not withdrawn in the tender offer for the Loans, and approximately 85.07% of the aggregate Remaining Principal Amount of RCPI Loans had been tendered and not withdrawn in the tender offer for the Loans. The overall "Acceptance Level," as such term is defined in the offer documents (as defined below), is 94.10%. All such tenders remain subject to validation by Globe.
The Chief Financial Officer of Globe, Mr. Alberto de Larrazabal, stated: "Globe is very pleased with the preliminary results of its tender offers for the restructured debt of Bayantel and RCPI. Creditors of Bayantel and RCPI have demonstrated overwhelming support for Globe's tender offers."
As Globe has previously announced: (i) the Total Consideration for the tender offers, as such term is defined in the offer documents, has been fixed at the highest level contemplated under the previous terms of the tender offers (US$310.00 per US$1,000 Remaining Principal Amount of Notes or Remaining Principal Amount of Loans, as the case may be, validly tendered (and not validly withdrawn) and accepted for purchase in the applicable tender offer, or in the case of PHP-denominated Loans, PHP 310.00 per PHP 1,000 of Remaining Principal Amount of BTI Loans and Remaining Principal Amount of RCPI Loans, as the case may be, validly tendered (and not validly withdrawn) and accepted for purchase in the tender offer for the Loans); (ii) in the tender offer for the Notes, Globe is now offering to pay, to each holder of Notes who validly tenders all of its Notes after the Extended Early Tender Date and on or prior to the Expiration Date (as such terms are defined in the offer documents for the Notes), for each US$1,000 Remaining Principal Amount of Notes of such holder validly tendered (and not validly withdrawn) and accepted for purchase in the tender offer, an amount in cash, defined as the "Tender Offer Consideration," equal to the Total Consideration of US$310, minus US$2.50 – that is, US$307.50; (iii) Globe has waived the particular condition which, under the previous terms of the tender offers, required a 70% aggregate participation level with respect to the RCPI Loans (though it now appears, subject to verification of tendered RCPI Loans, that this condition would have been met); and (iv) Globe now expects that the Settlement Date of both tender offers, as such term is defined in the offer documents, will occur not later than December 21, 2012, New York City time.
In the tender offer for the Notes, Globe has previously extended the Extended Early Tender Date to 11:59 p.m., New York City time, on December 11, 2012. The Extended Early Tender Date has not been further extended and remains 11:59 p.m., New York City time, on December 11, 2012.
In the tender offer for the Notes, the Withdrawal Date (as such term is defined in the offer documents for the Notes, as defined below) occurred at 5:00 p.m., New York City time, on November 19, 2012. The Withdrawal Date in the tender offer for the Notes has not been extended. Thus, holders of Notes who validly tendered and did not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on November 19, 2012, and holders who validly tender their Notes after that time, may not withdraw their tendered Notes.
In accordance with the terms of the tender offer for the Notes, holders of Notes may still tender their Notes at any time at or prior to 11:59 p.m., New York City time, on December 18, 2012 subject, at Globe's option, to extension or earlier termination.
The expiration date of the tender offer for the Loans occurred as of 11:59 p.m., New York City time, on December 4, 2012. However, Globe may exercise its right, under the terms of the offer documents for the Loans (as defined below), to accept for purchase tenders of certain Loans submitted after the expiration date of that Offer.
All other terms and conditions of the tender offer for the Notes and tender offer for the Loans, as set forth in their respective offer documents, remain unchanged.
Notice to Investors
This press release is for informational purposes only and is not an offer to buy or sell or the solicitation of an offer to sell or buy any securities. The tender offer for the Notes and the tender offer for the Loans are only being made pursuant to the terms of their respective offer documents. The tender offers are not being made in any jurisdictions where such an offer would be unlawful. For a complete statement of the terms and conditions of the tender offers, (i) holders of the Notes should refer to the offer documents for the Notes and (ii) Lenders should refer to the Offer to Purchase Loans, dated November 5, 2012, as amended on or about November 8, 2012, and related letter of transmittal (the "offer documents for the Loans").
Holders of Notes may obtain copies of the Amended and Restated Offer to Purchase dated as of November 6, 2012, the related Letter of Transmittal, and Globe's prior press releases dated November 20, 2012 and November 28, 2012, and December 4, 2012 (collectively, the "offer documents for the Notes," and together with the "offer documents for the Loans," the "offer documents") from the tender agent, Citibank N.A., London Branch (the "Tender Agent"), by telephone at: +44-(0)-20-7508-3867 or by e-mail at: [email protected]
Globe has retained Citigroup Global Markets Inc. to serve as dealer manager (the "Dealer Manager") for the tender offers. Questions concerning the terms of the tender offers should be directed to the Dealer Manager at +1-800-558-3745 (U.S. toll-free), +1-212-723-6108 (collect) and in Hong Kong at +852-2501-2961 (collect).
None of Globe, the Issuer, the Dealer Manager, the Tender Agent, the trustee under the indenture governing the Notes, or any other party is making any recommendation as to whether or not holders of the Notes or Lenders should tender their Notes or Loans, respectively, and no one has been authorized to make such a recommendation.
This press release contains forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate," "believe," "estimate," "expect," "intend," "seek," "plan," "may," "will," "would," "could" and similar expressions, are intended to identify a number of these forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release and the offer documents might not occur in the way we expect, or at all. Holders of Notes and Lenders should not place undue reliance on any forward-looking information. In addition, these forward-looking statements reflect current views with respect to future events and are not a guarantee of future performance. Actual results may differ materially from information contained in the forward‑looking statements as a result of a number of factors, including general economic, political and other conditions in the Philippines, and the risk factors discussed in the offer documents, as well as other factors beyond our control. The information and statements in this press release is made on the date hereof. We do not intend to update or otherwise revise any forward-looking statements whether as a result of new information, future events or otherwise, unless such information is material within the purview of applicable laws, the mandate of which is to enforce investor protection.
For more information, please contact:
Head, Corporate Communications
Globe Telecom, Inc.
Tel No. +63-2-730-2627
Fax No. +63-2-739-3075
SOURCE Globe Telecom, Inc.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 28, 2016 07:30 AM EDT Reads: 505
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 28, 2016 06:45 AM EDT Reads: 1,542
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 28, 2016 05:45 AM EDT Reads: 2,323
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 28, 2016 03:15 AM EDT Reads: 2,645
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 28, 2016 03:00 AM EDT Reads: 1,632
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 28, 2016 02:30 AM EDT Reads: 1,555
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 28, 2016 02:15 AM EDT Reads: 1,408
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jul. 28, 2016 02:00 AM EDT Reads: 2,065
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Jul. 28, 2016 01:45 AM EDT Reads: 1,117
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Jul. 28, 2016 01:15 AM EDT Reads: 869
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 01:00 AM EDT Reads: 1,636
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 27, 2016 10:30 PM EDT Reads: 1,416
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 27, 2016 10:00 PM EDT Reads: 2,680
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jul. 27, 2016 09:45 PM EDT Reads: 2,018
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 27, 2016 08:00 PM EDT Reads: 2,042
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Jul. 27, 2016 07:30 PM EDT Reads: 1,123
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 27, 2016 06:45 PM EDT Reads: 2,076
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 27, 2016 06:45 PM EDT Reads: 1,199
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jul. 27, 2016 04:30 PM EDT Reads: 1,890
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 27, 2016 04:30 PM EDT Reads: 241