MONTREAL—Telesystem International Wireless Inc. announced it has sent the maturity notice for the 7 percent equity subordinated debentures due February 15, 2002, and has advised registered ESD holders that it will repay the ESD principal amount of approximately $94 million. If TIW is successful in its purchase offer and consent request for its ESDs, the maturity notice will become null and void, as the maturity will be extended to December 2006.
In other financial news, TIW clarified the facts it disclosed in early December regarding the purchase of its outstanding units in exchange for 5.46 subordinate voting shares of TIW for each unit tendered. TIW said it will not convert the $92.8 million in demand loans it holds from ClearWave until holders of its securities have been given an opportunity to subscribe for class B subordinate voting shares, allowing them to maintain equity interest in the company after the conversion of the loans.
