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Geophysical Sub-Strata – Exchange Offer - Launch

Axtel, S.A.B. de C.V. Announces a Tender Offer for up to U.S. $75,000,000 Aggregate Principal Amount of its Outstanding 6.375% Senior Notes Due 2024


08 FEBRUARY 2023


Full announcement available via SGX.


PROPOSED EXCHANGE OFFER FOR THE OUTSTANDING 8.00 PER CENT. SENIOR UNSECURED NOTES DUE 2023 (ISIN: XS1924304618) (THE "EXISTING NOTES") ISSUED BY GEOPHYSICAL SUB-STRATA LTD. (THE “COMPANY”) UNDER ITS US$400,000,000 MULTICURRENCY MEDIUM TERM NOTE PROGRAMME

"The Board of Directors of the Company is pleased to announce that, as part of the Company’s continuing capital and liability management initiatives to optimize its debt capital structure, it has today commenced an invitation to the holders of the Existing Notes (the “Noteholders”) to exchange any and all of the Existing Notes held by the Eligible Holders (the “Exchange Offer”), subject to the terms and conditions of the Exchange Offer Memorandum dated 8 February 2023 issued by the Company (the “Exchange Offer Memorandum”).


...


The Company is offering to exchange any and all of the Existing Notes held by the Eligible Holders for the exchange consideration for each US$1,000 in principal amount of the outstanding Existing Notes that is validly tendered prior to the Exchange Expiration Deadline and accepted for exchange (the “Exchange Consideration”) consisting of the following:


(a) US$1,000 in aggregate principal amount of the US$ denominated 8.25% Senior Unsecured Notes due 2028 (the “New Notes”);

(b) any Accrued Interest; and

(c) cash in lieu of any fractional amount of New Notes.


The Exchange Offer will commence on 8 February 2023 and will expire at 4.00 p.m. (London time) on 22 February 2023, unless extended or earlier terminated (such date and time, as may be extended, the “Exchange Expiration Deadline”). The Company anticipates that the Settlement Date will occur on or about 27 February 2023, unless the Exchange Offer is extended or earlier terminated. The Company may, in its sole and absolute discretion, extend the Exchange Expiration Deadline for any purpose. The Company will notify the Noteholders of any such amendment or extension as soon as is practicable after the relevant decision is made by release of an announcement on the SGX-ST website and through the relevant Clearing Systems."


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