Tnder offer for BTI’s obligations is extended until nov. 27, probably New York time.
For starters, GLO’s tender offer pertains to the $200 million notes (Notes) of Bayan Telecommunications, Inc (BTI) and BTI’s wholly owned subsidiary, Radio Communications of the Philippines, Inc. (RCPI). The tender offer shall be valid if at least 70% of the remaining principal amount of the Notes is tendered and 70% of the principal amount of RCPI debt is tendered. As of yesterday, BTI claimholders already tendered 82% but RCPI claimholders tendered only 64% or 6% short in order for the tender offer be valid.
In my humble opinion, the likelihood of the tender offer to be successful is high.:)
I am modifying my holding period for PCOR to until 2014. Bataaan expansion will be completed by 2014 and so as the 216 MW cogeneration power plant (PCOR’s business development that attracted me most).