RCom: tender is the night

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By Morgan Davis
16 Aug 2018

India’s Reliance Communcations (RCom) tender and exchange offer, unveiled last week, would clear the issuer’s books of its $300m 6.5% 2020 bond. But since RCom defaulted on a payment for the notes last November, it is in no position to offer investors such paltry tender and exchange terms.

RCom has given its bondholders a tender offer for its 2020 bond, proposing to buy back the notes at a minimum of 3.5% of the principal. As an alternative option, investors could exchange their 2020 bonds for a new $45m zero coupon 2023 bond, to be issued by ...

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