Debt-ridden Reliance Communications today announced a ‘tender and exchange’ offer to all holders of its outstanding USD 300 million bonds due 2020, proposing to buy the notes at a discount in cash. According to a regulatory filing, the company has offered to all holders of the outstanding USD 300 million senior secured 6.5 per cent notes due 2020 to buy any or all existing notes at a discount in cash.

It has also offered an option to exchange any or all existing notes due 2020 at a discount for USD 45 million zero coupon notes due 2023. The new notes would be issued by a “wholly-owned subsidiary of RCOM, Global Cloud Xchange Limited”, according to the regulatory filing.

“… it has launched an invitation (the “Tender and Exchange Offer”) to all holders of its outstanding US$300,000,000 senior secured 6.5 per cent notes due 2020 (the “Existing Notes”) to (i) offer for tender any and all of their Existing Notes to be purchased by RCOM at a discount in cash or (ii) offer to exchange any and all of their Existing Notes at a discount for US$45,000,000 zero coupon notes due 2023…”

the filing said. RCom said the tender and exchange offer is being launched by RCom in the context of its broader debt restructuring and is in conjunction with a meeting of the holders of the existing notes which the company has convened in London on August 10.

“The Tender and Exchange Offer will expire at 9 am (London time) on August 22 2018 unless otherwise extended or earlier terminated upon notification by RCOM to all holders. “The settlement date for the Tender and Exchange Offer is expected to be on or about August 27, 2018,” the filing said. Read more from moneycontrol.com…

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