Welcome!

Wireless Authors: Aria Blog, Tom Leyden, David Skok, Liz McMillan, Elizabeth White

News Feed Item

Globe Announces Further Preliminary Results for its Tender Offers for All Outstanding 13.5% Senior Notes Originally Due 2006 Issued by Bayan Telecommunications, Inc. and for All Outstanding Loans Made to Bayan Telecommunications, Inc. and Radio Communicat

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Notes representing approximately 91.66% of the aggregate Remaining Principal Amount of Notes had been tendered and not withdrawn in the tender offer for the Notes, approximately 98.21% of the aggregate Remaining Principal Amount of BTI Loans had been tendered and not withdrawn in the tender offer for the Loans, and approximately 85.07% of the aggregate Remaining Principal Amount of RCPI Loans had been tendered and not withdrawn in the tender offer for the Loans.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. 

Other Information

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.

Forward-Looking Statements

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:

Yoly Crisanto
Head, Corporate Communications
Globe Telecom, Inc.
Tel No. +63-2-730-2627
Fax No. +63-2-739-3075
[email protected]


SOURCE Globe Telecom, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...