Comcel completes US$250 million debt refinancing; Colombian cellular telecommunications company will use proceeds to refinance debt, expand network and enhance leading market position.BOGOTA, Colombia--(BUSINESS WIRE)--Dec. 15, 1995--Communicacion Celular, S.A., Comcel, announced today that it has successfully completed its US$250 million debt refinancing. The refinancing includes a syndicated Eurodollar US$100 million senior secured term loan due 2001 and a US$150 million 144A private placement of 13-1/8 percent Senior Deferred Coupon Bonds Coupon Bond A debt obligation with coupons attached that represent semiannual interest payments. Notes: No record of the purchaser is kept by the issuer, and the purchaser's name is not printed on the certificate. This is also known as a bearer bond. due 2003 with warrants for two percent of the equity of Comcel. The private placement was co-managed by Citicorp Securities Inc., Chemical Securities Inc. and Salomon Brothers
Salomon Brothers was a Wall Street investment bank. Inc. "We are pleased at the very favorable market reception for our first bond offering in the global capital markets, which was substantially oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. ," said Peter H. Burrowes, president of Comcel. "Comcel is the leading cellular communications provider in Colombia's eastern region. This market is still young and we have a tremendous opportunity for growth. We will continue to grow revenue and cash flow through increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , subscriber usage and expand network coverage." Comcel provides technologically advanced cellular telecommunications services in Colombia. The company serves the country's eastern region, representing approximately 16 million people and including Bogota, the capital. Comcel, which has been providing cellular services since July 1994, has been growing at a rate of approximately 4,000 new subscribers each month and currently has more than 62,000 subscribers. The company's controlling shareholders are Bell Canada Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc., is a major Canadian telecommunications company. Through its subsidiaries including Bell Canada, Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for International, Empresa de Telecommunicaciones de Santafe de Bogota and Empresa Nacional de Telecommunicaciones, Telecom. CONTACT: Sard Verbinnen & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jeanne Donovan/Nancy Israel, 212/687-8080 |
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