MONTREAL—Telesystem International Wireless (TIW) announced it has sent the maturity notice for the 7-percent Equity Subordinated Debentures (ESD) due 15 February, 2002, and has advised registered ESD holders that it will repay the ESD principal amount of approximately US$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 US$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.
