Ventura Launches Maxcom Offer

Ventura Capital Privado has opened its offer for the outstanding shares of Maxcom Telecomunicaciones, according to regulatory documents, a part of the Mexican telecom’s bankruptcy process. In an offer that could total as much as MXP764m ($59m), the private equity firm is offering MXP0.97 per class A share, MXP2.90 per CPO share and MXP20.30 per ADS. Each ADS represents seven CPOs, and each CPO represents three A shares. The offer expires September 26. Maxcom filed last month for bankruptcy in the US, it says, advancing its debt restructuring plans. Holders representing more than 98% of the Mexican Telecom’s 11% 2014 bonds accepted the plan. Maxcom sees an emergence from Chapter 11 by “early fall.” Ventura has also agreed to put in $45m cash into Maxcom. All creditors will be paid in full under the its plan, except for the 2014 holders, who are to receive 2020 step-up notes plus cash for unpaid interest. Maxcom will issue up to $200m of the 2020s, which pay interest starting at 6% and step up to 8%. Lazard is advising Maxcom.