TOTAL PLAY ANNOUNCES SUCCESSFUL 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, Feb. 21, 2024 /PRNewswire/ -- 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".
About Total Play
Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.
Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.
Investor Relations:
Bruno Rangel
[email protected]
+ 52 (55) 1720 9167
Rolando Villarreal
[email protected]
+ 52 (55) 1720 9167
Press Relations:
Luciano Pascoe
Tel. +52 (55) 1720 1313 ext. 36553
[email protected].mx
SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.
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