[November 23, 2009] Subordinated Bond Holders in Hellas Make EUR450m bid for the Greek Mobile Telecoms Company Tweet LONDON, November 23 /PRNewswire/ -- - New and Binding Bid Trumps Weather's EUR124m Offer The Committee of Subordinated Bond Holders in Hellas II, the holding company for the Greek based Wind Hellas telephony company, has today tabled a new, full and binding EUR450 million offer for the assets of Hellas II. Earlier this week proceedings were commenced to put Hellas II into administration, following announcements from the company's management that Hellas faced problems with its business model and financing. The previous bid by the Committee which was tabled in October, was dismissed by the senior bond holders, Hellas II and by implication Weather which is the incumbent owner and currently the selected preferred bidder of the management of Hellas II In raising EUR450 million in funding at both the senior and junior end of the capital structure in a short period of time, the Committee has clearly demonstrated that it has the capacity to effect a refinancing of the entire capital structure when it falls due for payment The new and improved bid by the Committee for Hellas II offers: - Fully funded, unconditional equity funding of EUR200m (in escrow). This is materially superior to Weather's bid, which is only a Bridge Facility, conditional upon a letter of comfort and then for just a EUR124.6m commitment from its financial advisers - The new equity funding includes EUR100m of liquidity - an increase of EUR50m on Weather's bid - as an equity injection at the operating company level to enhance Hellas's working capital and so safeguard the business from any currently foreseen cash flow issues - The acquisition of the whole EUR250m Revolving credit facility - Higher consent fees on offer to all Senior classes of creditors including margin increases. These exceed the current offer from Weather - An undertaking to fund both the operating company and the role of the administrator while debt holder consents are obtained to avoid both short term liquidity issues and the prevention of an insolvency in Greece - The settlement of any potential litigation claims against other creditors and bondholder committees - The welcome appointment of a truly independent office holder to make the decision and appoint a preferred bidder based solely in the interests of all the creditors which the current Hellas Board failed to address in preferring the incumbent owner's less superior bid Speaking after the announcement, Adrian Flook a spokesman for the subordinated note holder Committee said: "Our new and binding bid is worth EUR450m for Hellas and shows our strong commitment to the company. It is economically superior in all respects to the current Weather bid for all classes of creditors. The Committee is confident that this improved bid is the very best deal for all the stakeholders of Hellas II. The proposed administrators and senior creditors can only regard it as such and can now independently assess the bid on its strong merits. This bid cannot be dismissed; it is patently in the best interests of all creditors and of the company." For further information: Adrian Flook +44(0)20-7920-2388 / +44(0)7768-608396 [email protected] Wind Hellas For further information: Adrian Flook +44(0)20-7920-2388 / +44(0)7768-608396, [email protected] . [ Back To TMCnet.com's Homepage ]