Iusacell Launches Debt Swap

Mexican cell phone operator Iusacell has launched a $350 million debt swap as part of a larger debt restructuring program. The firm reached an agreement with creditors to restructure $750 million of debt in January, following protracted negotiations. Iusacell is offering to swap 14 ¼% bonds, due 2006, for new bonds at 10%, maturing in 2013. The offer is due to expire on May 18.