Iusacell Carries Out Debt Restructuring

Mexican mobile operator Iusacell has closed its exchange offer and consent solicitation to restructure US$350mn of debt in the form of notes due in 2006. Under the terms of the restructuring, Iusacell will issue new bonds worth US$175mn, with an annual interest rate of 10%, with semi-annual interest payments. The new notes will have an expiration date of 2013. The majority of existing note holders have already consented to this recent agreement, with 89% having tendered their existing notes.

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