Maxcom Extends Tender

Maxcom Telecomunicaciones has extended the deadline for its bond and equity tender offers, it says, to March 27 from March 20. The early acceptance deadline for the bond offer is also pushed back to March 13 from Tuesday. The Mexican telecom is targeting any and all of its 11.0% 2014 bonds, as part of the conditions for its sale to a private equity buyer agreed in December. It is offering holders new 2020 step-up notes in exchange for the 2014s, at a rate of $1,000 per $1,000 principal before the early deadline, and $930 per $1,000 after. The 2020 bonds pay 6.0% during the first three years, 7.0% during the next two years and 8.0% during the final two years. There is $200m of the 2014s outstanding. It is also targeting up to 250m CPO shares and 50m class A shares, offering MXP2.90 ($0.22) per share. The debt and equity offers are each contingent on completion of the other. The offers follow the agreement for Mexican private equity firm Ventura Capital Privado to buy Maxcom, at an enterprise value of about $270m.