September 24, 2002
ESAT GROUP LIMITED ANNOUNCES THE EXPIRATION OF THE PERIOD FOR TENDERING NOTES
WITH RESPECT OF ITS 11 7/8% SENIOR NOTES DUE 2008
BT today announced that the tender of Esat Group Limited (formerly known as
Esat Telecom Group PLC and Esat Holdings Limited) ("Esat") - a wholly owned
subsidiary - to purchase any and all of its 11 7/8% Senior Notes due 2008 (the
"Notes") expired at 5:00 p.m., New York City time, on September 23, 2002. Esat
will accept for payment all Notes that have been validly tendered and not
withdrawn by holders.
Esat received tenders from holders of $159.5 million in aggregate principal
amount, or 99.7% of the aggregate principal amount of outstanding Notes. The
Notes are subject to the terms and conditions of Esat's tender offer, as set
forth in its Offer to Purchase and Consent Solicitation Statement dated August
23, 2002. Notes accepted for payment in the tender offer will be purchased on
September 26, 2002 or as soon as practicable thereafter. The total purchase
price to be paid for each validly tendered and consented Note is $1,166.31 per
$1,000 principal amount of Notes, plus accrued and unpaid interest up to, but
not including, the payment date, which includes a consent payment of $25 per
$1,000 principal amount of Notes. As previously announced, the total purchase
price will be paid only for Notes that were validly tendered before 5:00 p.m.,
New York City time, on September 9, 2002.
Notes for Editors:
Salomon Smith Barney is the dealer manager for the tender offer and consent
solicitation. Questions regarding the transaction should be directed to Salomon
Smith Barney +1 212 723 6106 or (800) 558 3745 (toll free).
The full terms and conditions of the tender offer are set forth in the Offer to
Purchase and Consent Solicitation Statement dated August 23, 2002. The Offer to
Purchase and Consent Solicitation Statement has been submitted to the
Securities and Exchange Commission under cover of Form 6-K. Further information
regarding the Company, including a copy of each Form 6-K, can be obtained by
contacting the Public Reference Room maintained by the Securities and Exchange
Commission at Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549.
Information regarding the operation of the Public Reference Room is available
from the Securities and Exchange Commission at +1-800-SEC-0330.
Enquiries about this news release should be made to the BT Group Newsroom on
its 24-hour number: 020 7356 5369. From outside the UK, dial + 44 20 7356 5369.
All BT Group news releases can be accessed at our web site:
www.btplc.com/mediacentre
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