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GLENTEL Inc. Announces Proposed Offering of $200 Million Senior Unsecured Notes
|By PR Newswire
|August 27, 2014 08:30 AM EDT
BURNABY, BC, Aug. 27, 2014 /CNW/ - GLENTEL Inc. (TSX: GLN) announced
today its intention, subject to market and other conditions, to launch
a $200 million aggregate principal amount offering of senior unsecured
notes (the "Notes") due in 2019.
The Notes will be offered in all provinces of Canada, and in the United
States, by a syndicate of underwriters led by BMO Nesbitt Burns Inc.
and CIBC World Markets Inc. as joint book-running managers, and
including Scotia Capital Inc. and Canaccord Genuity Corp. as
co-managers, by way of a private placement under applicable securities
The Company intends to use the net proceeds of the Notes to repay
borrowings under its senior secured credit facilities, and for general
corporate purposes. In addition, effective upon the closing of the
Notes, the Company will amend its senior secured credit facilities to,
among other things, permit the offering of the Notes and reduce the
total available committed amount of the facilities from $129.3 million
to $50.0 million. These amendments are conditional upon the closing of
The Notes will not be qualified for distribution to the public under the
securities laws of any province or territory of Canada and may not be
offered or sold in Canada, directly or indirectly, other than pursuant
to applicable private placement exemptions. The Notes have not and will
not be registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of such
Act. This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the Notes in any jurisdiction.
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) is a leading provider
of innovative and reliable wireless communications services and
solutions, offering a choice of network carrier and wireless or mobile
products and services to consumers and commercial customers. GLENTEL is
one of the largest independent multicarrier mobile phone retailers in
Canada and Australia. In the United States, GLENTEL operates two of the
six National Premium Retailers for Verizon Wireless. To its business
and government customers, GLENTEL offers wireless systems and hardware,
rental equipment, and system implementation services. GLENTEL
celebrated its 50th anniversary in 2013.
GLENTEL's own brands, including GLENTEL Wireless Solutions,
WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil,
WIRELESS etc…, SANS FIL etc…, MacStation, Diamond Wireless, Wireless
Zone®, and Allphones span four countries and three continents. At June
30, 2014, the Company employed over 4,700 employees and operated more
than 1,420 locations, including more than 495 locations in Canada,
located in retail malls, Costco Wholesale stores, Target retail stores,
and business centres; more than 735 corporate, franchise, and BJ's
Wholesale Inc. kiosk retail locations in the United States; and more
than 190 retail locations in Australia and the Philippines.
Cautionary Statement Regarding Forward-Looking Information
This news release contains statements about financial and operating
performance of GLENTEL and future events that are forward looking. By
their nature, forward-looking statements require GLENTEL to make
assumptions and predictions and are subject to inherent risks and
uncertainties. There is significant risk that the forward-looking
statements will not prove to be accurate. Readers are cautioned not to
place undue reliance on forward-looking statements as a number of
factors could cause actual future performance and events to differ
materially from those expressed in the forward-looking statements.
Specifically, this news release includes forward-looking statements
regarding, among other things, the announcement of the proposed
offering of the Notes, the amendment of, and reduction of the
commitments under our senior secured credit facilities, and the use of
net proceeds from the Notes. Accordingly, this news release is subject
to the disclaimer and qualified by the qualifications and risk factors
referred to in GLENTEL's 2013 Annual Information Form, in the 2013
annual report, and any assumptions, qualifications and risk factors
contained in other GLENTEL public disclosure documents and filings with
securities commissions in Canada (on SEDAR at http://www.sedar.com).
Except as required by law, GLENTEL disclaims any intention or
obligation to update or revise forward-looking statements, and reserves
the right to change, at any time at its sole discretion, its current
practice of updating annual targets and guidance.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
For a copy of GLENTEL's annual report or for additional information
visit http://www.glentel.com or http://www.sedar.com.
SOURCE Glentel Inc.
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