BCI: Reduction in Vespers' Debt.Business Editors & High Tech Writers MONTREAL--(BUSINESS WIRE)--Jan. 22, 2003 Bell Canada International Inc. ("BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International ") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BCICF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BI) announced today that Vesper S.A. and Vesper Sao Paulo S.A. (the "Vespers vespers (vĕs`pərz) [Lat.,=evening], in the Christian Church, principal evening office. In the Roman rite, vespers have consisted since the 6th cent. of a few prayers, five psalms, a lesson, the Magnificat, and an antiphon. ") have entered into transactions which will result in a reduction of approximately US$13 million of the principal amount of debt owed by the Vespers to certain Brazilian banks (the "Vesper Debt"), a portion of which debt is guaranteed by BCI. As part of the November 2001 financial restructuring of the Vespers, BCI entered into agreements to guarantee up to 31.4% of the Vesper Debt, subject to a cap of US$32.3 million (the "Vesper Guarantees"). As a result of this reduction of the Vesper Debt and based on a Brazilian real to US dollar exchange rate of 3.36, BCI's obligations under the Vesper Guarantees will be approximately US$21 million. This guarantee exposure will however fluctuate if there are further reductions in the Vesper Debt and with changes to the Brazilian real to US dollar exchange rate, subject to the maximum cap of US$32.3 million. BCI is operating under a court supervised Plan of Arrangement, pursuant to which BCI intends to monetize its assets in an orderly fashion and resolve outstanding claims against it in an expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex manner with the ultimate objective of distributing the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to its stakeholders and dissolving the company. BCI is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BI and on the NASDAQ National Market under the symbol BCICF. Visit our Web site at www.bci.ca. This news release may contain or refer to other communications that may contain certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements, and may contain words like "believe", "anticipate", "expect", "envisages", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. |
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