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 2009
BT today announced that the tender offer 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 2009 (the
"Notes") expired at 5:00 p.m., London 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accept for payment all Notes that have been validly tendered and not withdrawn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 approximately Euro 171 million in
aggregate principal amount, or 98% 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 Euro 1,213.99 per Euro 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 Euro 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., London time, on September 9, 2002.
Notes for Editors:
Salomon Smith Barney is the dealer manager and HSBC Bank plc is the tender
agent for the tender offer and consent solicitation. Questions regarding the
transaction should be directed to Salomon Smith Barney in New York +1 212 723
6106 or (800) 558 3745 (toll free) or in London +44 20 7986 8969.
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 news releases can be accessed at our website: http://www.btplc.com/
mediacentre
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.