Columbus International Announces Consent Solicitation

BRIDGETOWN, Barbados, April 5, 2012 /PRNewswire/ -- Columbus International Inc. (the "Company") today announced a solicitation of consents (the "Consent Solicitation") to proposed amendments (the "Amendments") to certain covenants contained in the indenture (the "Indenture") governing its 11.5% Senior Secured Notes due 2014 (the "Notes") -  CUSIP No. 199300AA2, ISIN US199300AA21 (Restricted Global Notes) and CUSIP No. P2894NAA5, ISIN USP2894NAA56 (Reg S Global Notes), and to the waiver (the "Waiver") of certain non-financial technical defaults under the Indenture.

The purpose of the Consent Solicitation and the Amendments is to (i) give the Company the flexibility to incur additional debt to enable it to pursue business opportunities permitted under the Indenture and (ii) extend the grace period provided under the Indenture for certain of the Company's subsidiaries to create and perfect security interests in certain additional collateral in favor of the holders of the Notes.

The record date for the Consent Solicitation is 5:00 p.m., New York City time, on April 4, 2012.  The Consent Solicitation will expire at 5:00 p.m., New York City time, on April 16, 2012, unless extended or terminated by the Company.  The Company has agreed to pay to the holders of Notes as of the record date a consent fee of US$2.50 for each US$1,000 in principal amount of Notes in respect of which such holder has validly delivered (and has not validly revoked) a consent prior to the expiration of the Consent Solicitation.  The Company's obligation to accept consents and pay the consent fee is conditioned on, among other things, there being validly delivered unrevoked consents from the holders of not less than a majority in aggregate principal amount of the outstanding Notes.  Currently US$640 million aggregate principal amount of Notes is outstanding.

For a detailed statement of the terms and conditions of the Consent Solicitation, the Amendments and the Waiver, holders of the Notes should refer to the Consent Solicitation Statement dated April 5, 2012 (the "Consent Solicitation Statement") and the related Consent Form (the "Consent Form").  The Company has appointed Global Bondholder Services Corporation as the Information and Tabulation Agent for the Consent Solicitation.  Requests for assistance regarding the Consent Solicitation or requests for the Consent Solicitation Statement and the Consent Form should be directed to Global Bondholder Services Corporation at (212) 430-3774 or toll free (866) 794-2200.  The Company has appointed Citigroup as Solicitation Agent for the Consent Solicitation.  Questions concerning the terms of the Consent Solicitation should be directed to Citigroup at (212) 723-6106 or toll free (800) 558-3745.

This announcement is not a solicitation of consent with respect to any Notes.  The Consent Solicitation is being made solely by the Consent Solicitation Statement and the Consent Form, which contain the terms of the Consent Solicitation.

The distribution of this announcement in certain jurisdictions may be restricted by law.  Persons into whose possession this press release comes are required to inform themselves about, and to observe, any such restrictions.

ABOUT THE COMPANY

Columbus International Inc. is a privately held diversified telecommunications company based in Barbados.  The Company provides digital cable television, broadband Internet, digital landline telephony and corporate data services in Trinidad, Jamaica, Grenada and Curacao all of which operate under the brand name, FLOW.  Through its wholly owned subsidiary, Columbus Networks, the Company provides capacity and IP services, corporate data solutions and data center hosting throughout 22 countries in the greater Caribbean, Central American and Andean region.  Through its fully protected, ringed submarine fiber optic network spanning close to 18,000 km and its 21,000 km terrestrial fibre and coaxial network, Columbus' 1,900 employees provide advanced telecom services to a diverse residential and corporate client base of close to 500,000 customers.

FORWARD-LOOKING INFORMATION

Forward-looking statements in this announcement, including those statements relating to the Consent Solicitation, such as the scheduled expiration date and payment of the consent fee, are based on current expectations.  These statements are not guarantees of future events or results.  Future events and results involve some risks, uncertainties and assumptions that are difficult to predict.  Actual events and results could vary materially from the description contained herein due to many factors including changes in the market and price for the Notes; changes in the business and financial condition of the Company and its subsidiaries; changes in the debt markets in general; and the occurrence of events specified in the Consent Solicitation that would trigger a condition permitting termination or amendment of the Consent Solicitation.

SOURCE Columbus International Inc.