(Alliance News) - Helios Towers PLC on Tuesday said it has terminated its tender offer to buy back up to USD325 million of its 9.125% senior notes due 2022 and will instead issue a notice of conditional redemption for all outstanding existing 2022 notes.
On Monday, Helios launched an offer of USD425 million senior notes due 2025, alongside a tender offer for up to USD325 million of its 2022 notes. Proceeds from the new 2025 notes, along with Helios's USD7 million of cash on hand, were to be used to finance the purchase of the 2022 notes as well as to repay a USD125 million term loan facility and cover fees and expenses from the refinancing and tender offer.
However, proceeds from the new notes offering are now likely to be enough to allow for the redemption of all outstanding existing notes. London-headquartered Helios had said on Monday that the outstanding principal amount of the notes is USD600.0 million.
Given this, the tender offer will be cancelled and telecom tower infrastructure company Helios will issue a notice of conditional redemption to redeem all existing notes.
The redemption is conditional on successful completion of the new 2025 notes offering on terms acceptable to the company, it said.
Any notes already tendered will be unblocked and returned.
Shares in Helios were down 7.4% at 182.15 pence in London on Tuesday morning.
By Anna Farley; annafarley@alliancenews.com
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Helios Towers (HTWS)