Total Play Announces Debt Exchange Offer For Up to $870m

Total Play Telecomunicaciones launches an exchange offer to holders of the $600m senior notes due 2028 with an interest rate of 6.375% , according to a SGX filing.

• Existing notes may be exchanged for new senior secured notes due 2032 and with interest rate of 11.125%
• The exchange offer has an amortization schedule with quarterly principal payments between 2029 and 2032
• All holders of existing notes, together, must subscribe $270m in additional cash
• Holders of more than 50% of the existing notes have signed transaction support agreements including Cerberus Capital Management, Aviva Investors Global Services and Amundi Asset Management ...