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October 18, 2010, 12:24 PM EDT
By Kate Haywood and John Glover
(Adds bondholder offer starting in second paragraph.)
Oct. 18 (Bloomberg) -- Wind Hellas Telecommunications SA?s senior bondholders were picked as preferred bidders for the Greek mobile phone operator in the second time the cash-strapped company has been sold in a year.
Wind Hellas?s senior secured floating-rate noteholders, owed about 1.2 billion euros ($1.67 billion), will inject 420 million euros and write off debt in exchange for Greece?s third- largest mobile phone operator, according to Wind?s parent Weather Finance III Sarl, the holding company of Egyptian billionaire Naguib Sawiris.
Sawiris, who is selling some of his other telecoms assets to Russia?s Vimpelcom Ltd., bought Wind Hellas out of bankruptcy about a year ago. The company, under the control of creditors, put itself up for sale a second time after deferring a 17.5 million-euro interest payment on a revolving credit in June and missing a 23 million-euro payment on its floating-rate notes.
Under the bondholders? proposal, Wind Hellas?s 250 million- euro revolver will be repaid in full, while the company?s senior secured notes and 355 million euros of subordinated bonds will be written off, according to the statement.
The bondholder group includes Mount Kellett Capital Partners (Ireland) Ltd., Taconic Capital Advisers UK LLP, Providence Equity Capital Markets LLC, Anchorage Capital Group LLC, Angelo Gordon & Co and Eton Park International LLP, according to the statement.
Sawiris didn?t immediately respond to a call for comment. Louise Tingstrom, an external spokeswoman for Wind Hellas in London, declined to comment further on the statement.
--Editors: Andrew Reierson, Paul Armstrong
To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net; Kate Haywood in London on khaywood@bloomberg.net
To contact the editor responsible for this story: Paul Armstrong at Parmstrong10@bloomberg.net
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(Adds bondholder offer starting in second paragraph.)
Oct. 18 (Bloomberg) -- Wind Hellas Telecommunications SA?s senior bondholders were picked as preferred bidders for the Greek mobile phone operator in the second time the cash-strapped company has been sold in a year.
Wind Hellas?s senior secured floating-rate noteholders, owed about 1.2 billion euros ($1.67 billion), will inject 420 million euros and write off debt in exchange for Greece?s third- largest mobile phone operator, according to Wind?s parent Weather Finance III Sarl, the holding company of Egyptian billionaire Naguib Sawiris.
Sawiris, who is selling some of his other telecoms assets to Russia?s Vimpelcom Ltd., bought Wind Hellas out of bankruptcy about a year ago. The company, under the control of creditors, put itself up for sale a second time after deferring a 17.5 million-euro interest payment on a revolving credit in June and missing a 23 million-euro payment on its floating-rate notes.
Under the bondholders? proposal, Wind Hellas?s 250 million- euro revolver will be repaid in full, while the company?s senior secured notes and 355 million euros of subordinated bonds will be written off, according to the statement.
The bondholder group includes Mount Kellett Capital Partners (Ireland) Ltd., Taconic Capital Advisers UK LLP, Providence Equity Capital Markets LLC, Anchorage Capital Group LLC, Angelo Gordon & Co and Eton Park International LLP, according to the statement.
Sawiris didn?t immediately respond to a call for comment. Louise Tingstrom, an external spokeswoman for Wind Hellas in London, declined to comment further on the statement.
--Editors: Andrew Reierson, Paul Armstrong
To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net; Kate Haywood in London on khaywood@bloomberg.net
To contact the editor responsible for this story: Paul Armstrong at Parmstrong10@bloomberg.net
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