Compania de Telecomunicaciones de Chile Announces Cash Tender Offer Seeks to Purchase Approximately US$200 Million of Outstanding Notes.
PR Newswire Europe, October, 2004
NEW YORK, October 29 /PRNewswire/ -- Compania de Telecomunicaciones de Chile S.A. ("Telefonica CTC Chile" or the "Company") (NYSE: CTC) today announced it has commenced cash tender offers for approximately US$200 million aggregate principal amount of specified series of its outstanding debt.
"This tender works to reduce Telefonica CTC Chile's leverage and annual interest expense," said Julio Covarrubias, CFO. "We will fund the tender offer with proceeds from the sale of the mobile business unit and with operating cash flow. This debt reduction also fulfills the commitment we made to lenders as part of the waivers we obtained from them for the sale of our mobile business."
The tender offers consist of two separate offers: an Any and All Offer and a...
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