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TOTAL PLAY ANNOUNCES SUCCESFUL PRIVATE EXCHANGE AGREEMENT OF US$213 MILLION FROM ITS US$575 MILLION NOTES DUE 2025

  • —Final maturity of new notes is 2028, with growing amortizations, and bear an interest rate of 10.5%—
  • —The transaction further improves the company’s maturity profile and substantially strengthens liquidity prospects—

Mexico City, February 21, 2024— Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today a successful private exchange with a group of investors of US$213.5 million of its US$575 million notes due 2025.

The new notes resulting from the exchange are secured by designated receivables, bear an annual interest of 10.5% and have an increasing amortization schedule, with 20% in 2026, 30% in 2027 and 50% in 2028, respectively.

Out of the total principal amount of the original US$575 million notes, the US$213.5 million new notes represent 37%. The remaining balance of the original notes is US$361.5 million — 63% of the total — and such notes remain subject to their terms, while the company expects to refinance them under conditions similar to the new notes in the near future.

“We were successful in further extending Total Play’s maturity profile, which will substantially strengthen the company’s liquidity prospects, by means of amortizations of the new notes, designed to align with our projected cash flow improvements,” commented Alejandro Rodríguez, CFO of Total Play. “At Total Play, we have the firm commitment to continue enhancing the company’s capital structure and financial strength going forward, further boosting value creation for all of our stakeholders”.