Maxcom Extends Debt, Equity Tenders

Maxcom Telecomunicaciones has pushed back the deadline for its bond and equity tender to April 10, from March 27, it says. As of March 27, it had received acceptance from holders of $123m, or 61.44%, of the outstanding 11.0% 2014 bonds, and from holders of 355m, or 44.89%, Maxcom shares. Following its sale last year to private equity buyers, Maxcom is offering bondholders new 2020 step-up notes, at a rate of $1,000 per $1,000 principal, having also agreed to pay the early tender price through the conclusion of the entire offer. The 2020 bonds pay 6.0% during the first three years, 7.0% during the following two years and 8.0% during the final two years. It is offering MXP2.90 ($0.22) per share in the equity portion. Maxcom has also waived the minimum acceptance conditions for each offer. The debt and equity offers are each contingent on completion of the other. The offers follow the agreement last year for Mexican private equity firm Ventura Capital Privado to buy Maxcom, at an enterprise value of about $270m.