Ayala’s Globe completes takeover of Lopez’s Bayantel
Gobe says it has assumed 98.26% of Bayantel's debt and 100% of RCPIs debts

MANILA, Philippines – Ayala-led Globe Telecom Inc. has completed its takeover of Lopez-led telecommunication firm Bayan Telecommunications (Bayantel) after buying out the cash-strapped firm’s debt holders. 

Earlier, Globe said this move may pave the way for its eventual equity investment in Bayan.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, December 26, Globe said 98.26% of the aggregate Remaining Principal Amount of Bayantel’s debts as well as 100% of Bayantel’s subsidiary, Radio Communications of the Philippines Inc. (RCPI), have been tendered and not withdrawn in the tender offer for the loans just before Christmas, on December 21.  

“The overall ‘Acceptance Level’, as such term is defined in the offer documents, is approximately 96.17%. All such tenders have been validated and accepted for purchase by Globe,” the Ayala-led telco said in a disclosure. 

Globe earlier announced that the total consideration for the tender offers is $310 per $1,000 Remaining Principal Amount of Notes or Remaining Principal Amount of Loans that were validly tendered and not validly withdrawn. 

It added that in the tender offer for the Notes, Globe is paying to each holder of Notes who validly tendered all of its Notes after the Extended Early Tender Date and on or prior the expiration date $307.50 for every $1,000 Remaining Principal Amount of Notes.    

Citibank N.A., London Branch, served as the Tender Agent. Citigroup Global Markets Inc. served as the Dealer Manager for the tender offers. –


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