Axtel Progresses in Step-Up Exchange

Mexican telecommunications company Axtel has received acceptance from holders of $83m of the 7.625% 2017 notes it is targeting in an exchange as of the early deadline, it says. In an offer launched last month, Axtel is offering new 2020 step-up bonds to holders of the 2017s and its 9.000% 2019s. It is offering holders of the $133m outstanding in 2017s $985 per $1,000 principal before the December 6 early deadline and $910 after. Accepting holders of the $135m outstanding in 2019s would get $875 per $1,000 principal through the early deadline and $800m after. Axtel does not give any indications of results from holders of the 2019s. The full offer expires December 20. The total amount in the exchange and new sale is capped at $146m. Axtel issued $249m in the 2020s in an exchange completed in February, also targeting holders of the 2017s and 2019s in a addition to peso debt.