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Thursday, November 22, 2012

GLOBE TO EXTEND TENDER OFFER TO ACQUIRE DEBTS OF ABS-CBN'S SISTER COMPANY!


MANILA, Philippines—Ayala-led Globe Telecom is extending its early tender offer period to buy Bayan Telecommunications obligations from the smaller telco’s creditors, in line with moves for the two firms’ impending merger.


In a statement, the company said the early tender offer date supposed to end on November 19 was extended up to the 27th, subject to a further extension or early termination as may be decided by Globe.

“All holders who validly tender their notes on or prior to the extended early tender date, and whose notes are accepted for the purchase, will receive the total consideration,” Globe said on Wednesday.

Globe has offered to pay $280 for every $1,000 remaining principal amount of notes if less than 75 percent accept the tender; $290 if it’s over 75 percent but less than 80 percent; $300 if more than 80 percent but less than 85 percent; and $310 if it’s over 85 percent.

Globe estimates that the remaining principal amount for the notes is at about $184.5 million.

Holders of Bayan obligations that tender their notes before the end of the early tender offer date may withdraw their tenders. Tenders made after that may not be withdrawn.

The acquisition of Bayan’s obligations will involve a tender offer to purchase for cash any and all of the 13.5-percent senior notes originally due last 2006 issued by Bayan. The tender offer will push through only if creditors holding at least 70 percent of the debt agree to sell their holdings to Globe.

If the tender offer succeeds, Globe will become the major creditor of Bayan and will perform a role similar to Bayan’s creditors in respect to its rehabilitation plan, including representation in the monitoring committee.

In its disclosure, Globe said preliminary results of its tender offer showed that 82 percent of the aggregate remaining principal amount of loans “appears to have been tendered.”

Likewise, 64 percent of remaining obligations by Bayan subsidiary Radio Communications of the Philippines Inc. (RCPI) were successfully tendered as of November 19.

For the tender offer to push through, Globe said it wanted to acquire at least 70 percent of obligations by Bayan and RCPI.


17 comments:

dexter said...

YAN maliwanag ah SISTER COMPANY...poh..

TAPOS un pagkakaintendi nnman ng MGA walng icp JAN,,FOR SALES nnman....


yan un business..kung un SMART/SUN sa TV5----GLOBE sa ABS---eh...ANO NMAN UN S GMA?....

Anonymous said...

Hindi lang yun, yung Globe ang decided na pasukin ang company, ibig sabihin may nakikitang kabutihan pag nakapasok sila sa naturang company. Eh yung sa GMA, biglang natakot si MVP, delikado kasi, mahihirapan syang makabawi...

Anonymous said...

if this deal pushes through, mawawala ang large percentage ng debt ng abs-cbn.

malaki talaga lugi nila sa bayantel dahil monopolized talaga ng PLDT ang business na yan.

Globe needs this kasi they can utilize the bayantel lines MORE for their business.

Anonymous said...

^
^
^
Tama, kung baga, may 'win-win' situation. Yung sa GMA-MVP, win-loss situation, talo si MVP.

Maintindihan kaya ng mga kapuso ang pinagsasabi natin?

Anonymous said...

Tontang tonta lang ang nasa taas ko. Anong win-lose situation pinagsasabi mo sa GMA MVP? Di mapigilan ang interest ni MVP bilhin ang GMA dahil profit making company at walang babayaran na utang. di tulad ng GLOBE kita mo ano ginagawa, bibilhin ang luging telco dahil may pera sila at kaya nilang buhayin uli yan. Win para sa kanila na dagdag facilities at lose dahil kailngan nilang bayaran ang utang. LOGIC NYO ASAN? Bwahahahahahahahahahaha!

Anonymous said...

Yung sa taas ko kagigising lang sa mahaabaang pagtulog. Hindi nya alam na wala ng deal, terminated na, ayaw na ni MVP dahil wala nga silang content na makukuha para sa multimedia service na gusto nila.

Hoyyyy giiiisiiiinggggg...

Anonymous said...

Anonymous said... Tontang tonta lang ang nasa taas ko. Anong win-lose situation pinagsasabi mo sa GMA MVP? Di mapigilan ang interest ni MVP bilhin ang GMA dahil profit making company at walang babayaran na utang. di tulad ng GLOBE kita mo ano ginagawa, bibilhin ang luging telco dahil may pera sila at kaya nilang buhayin uli yan. Win para sa kanila na dagdag facilities at lose dahil kailngan nilang bayaran ang utang. LOGIC NYO ASAN? Bwahahahahahahahahahaha!


Ang binibiii po dito ng Globe ay utang hindi yung

Anonymous said...

Company, pagnangyari po ito, ang Globe ay magiging major CREDITOR at hindi OWNER. Magkaiba po ang OWNER at CREDITOR.

Review your Accounting 101, kung meron...

BWAHAHAHAHAHA...BWAHAHAHAHAHA...

Anonymous said...

kawawa naman ang mga kapuso, palaging nababara. ayusin kasi..

Anonymous said...

Pero ang creditor pwede maging owner through a "debt swap" deal - ipagpapalit mo sa equivalent number of shares yung debt na hawak mo.

Nung 2000s, di ba may cable arm ang PLDT (Home Cable)? Di talaga sila may-ari noon. Pero sila ang "creditor" ng Home Cable, so yung kita ng company dumidiretso sa PLDT :D

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