New Delhi: Debt-ridden Reliance Communications has announced a ‘tender and exchange’ offer to all holders of its outstanding $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 $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 $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 $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 $45,000,000 zero coupon notes due 2023,” the filing said.
