Digicel Announces Extension of Consent Solicitation Expiration Date

KINGSTON, Jamaica, June 8, 2020 /PRNewswire/ -- Digicel Holdings (Bermuda) Limited ("Holdings") and Digicel International Finance Limited ("DIFL," and together with Holdings, "Digicel") today announced the extension of the expiration date of the consent solicitation (the "Consent Solicitation") seeking consents to effect certain proposed amendments (the "Proposed Amendments") to the indenture governing the 8.75% Senior Secured Notes due 2024 co-issued by DIFL and Holdings (the "DIFL Secured Notes"), which will permit, among other things, the incurrence of additional debt under DIFL's senior credit facility of up to $100 million.


The Consent Solicitation is being conducted in conjunction with, but does not impact, Digicel Group's comprehensive deleveraging process that aims to reduce its outstanding debt by approximately US$1.6 billion, to approximately US$5.4 billion, and which has already been accepted by the overwhelming majority of its noteholders and is expected to be completed by mid-June 2020.

Digicel hereby extends the expiration date for the Consent Solicitation from 5:00 p.m., New York City time, on June 5, 2020, to 5:00 p.m., New York City time, on June 19, 2020 (such date and time, as may be extended, the "Expiration Date").

The Consent Solicitation is being made only pursuant to the terms and subject to the conditions set forth in the consent solicitation statement dated April 1, 2020, as amended by Amendment No. 1 dated May 27, 2020 and hereby (the "Consent Solicitation Statement"), and the related letter of transmittal. Approval of the Proposed Amendments requires consents from the holders of at least a majority in aggregate principal amount of the DIFL Secured Notes (the "Requisite Consents"). The Proposed Amendments will become effective and operative upon receipt of the Requisite Consents and the execution of the supplemental indenture with respect to the DIFL Secured Notes (the "Supplemental Indenture"), which may occur prior to the Expiration Date if the Requisite Consents are received before then. Upon the Proposed Amendments becoming effective and operative, all holders of DIFL Secured Notes will be bound by the terms thereof, even if they did not deliver consents to the Proposed Amendments. Except as described in this press release, all other terms of the Consent Solicitation remain unchanged.

Citigroup Global Markets Inc. (the "Solicitation Agent") is acting as solicitation agent for the Consent Solicitation. Epiq Corporate Restructuring, LLC ("Epiq") is acting as the information and tabulation agent for the Consent Solicitation.

Questions or requests for assistance related to the Consent Solicitation may be directed to Epiq at (646) 282-2500 for banks and brokers and at (866) 897-6433 (Toll-Free) or (646) 282-2500 (International) for all others, or by emailing tabulation@epiqglobal.com. Questions or requests for assistance in relation to the Consent Solicitation may be directed to the Solicitation Agent at (212) 723-6106.

Forward Looking Statements

This press release contains forward-looking statements. Actual results may differ materially from those reflected in the forward-looking statements. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, including, without limitation, changes in our business or acquisition strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

About Digicel

Digicel Group is a total communications and entertainment provider with operations in 32 markets in the Caribbean, Central America and Asia Pacific. After 18 years of operation, total investment to date stands at over US$6 billion worldwide.

Digicel Group also runs a host of community-based initiatives across its markets and has set up Digicel Foundations in Haiti, Jamaica, Papua New Guinea and Trinidad and Tobago which focus on educational, cultural and social development programmes.

Antonia Graham
Head of PR
T: +1-876-564-1708 (Jamaica)

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SOURCE Digicel Group Limited