Digicel Group Limited Receives Tenders for 94.7% of 8.250% Senior Notes due 2020

KINGSTON, Jamaica, December 19, 2018 /PRNewswire/ --

• Extends Expiration Date for Phase I 2020 Notes Exchange Offer to Provide Remaining Holders Opportunity to Participate;

• Other Terms (Including Withdrawal Deadline) of all Offers Remain Unchanged

Digicel Group Limited ("Digicel"), along with Digicel Group One Limited, an indirect subsidiary of Digicel ("DGL1"), announced today certain results of their previously announced Phase I 2020 Notes Exchange Offer (as defined below) with respect to Digicel's outstanding 8.250% Senior Notes due 2020 (the "Existing 2020 Notes").

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As of the date hereof, Digicel received from holders valid and unrevoked tenders of $1,893,688,000 aggregate principal amount of the Existing 2020 Notes, representing approximately 94.7% of such notes.

To provide remaining holders of Existing 2020 Notes the opportunity to participate in the Phase I 2020 Notes Exchange Offer, the expiration date for the offer to exchange, subject to the terms and conditions set forth in the confidential offering memorandum dated August 31, 2018, as supplemented by Supplement No. 1 dated September 7, 2018, Supplement No. 2 dated December 3, 2018, and Supplement No. 3 dated December 12, 2018 (the "Offering Memorandum"), the outstanding Existing 2020 Notes for up to $580,000,000 of newly issued 8.250% Senior Secured Notes due 2022 of DGL1 (the "New DGL1 2022 Notes") (subject to increase up to $1,000,000,000 if requisite consents are obtained) (the "Phase I 2020 Notes Exchange Offer") has been extended to 11:59 p.m., New York City time, on December 21, 2018.

The expiration date for the offers to exchange, subject to the terms and conditions set forth in the Offering Memorandum, (i) any and all of the Existing 2020 Notes for up to (1) $1,000,000,000 minus the aggregate principal amount of New DGL1 2022 Notes issued in the Phase I 2020 Notes Exchange Offer of New DGL1 2022 Notes or (2) $1,000,000,000 of newly issued 8.250% Senior Notes due 2022 of DGL2 (the "New DGL2 2022 Notes") (the "Phase II 2020 Notes Exchange Offer") and (ii) any and all of the outstanding 7.125% Notes due 2022 of Digicel (the "Existing 2022 Notes" and together with the Existing 2020 Notes, the "Existing DGL Notes") for newly issued 9.125% Senior Cash Pay/PIK Notes due 2024 of Digicel (the "New 2024 Notes" and, together with the New DGL1 2022 Notes and the New DGL2 2022 Notes, the "New Notes") (provided that if requisite consents are obtained, the New 2024 Notes will be issued by DGL2) (the "Phase II 2022 Notes Exchange Offer" and, together with the Phase I 2020 Notes Exchange Offer and the Phase II 2020 Notes Exchange Offer, the "Exchange Offers") remain unchanged at 11:59 p.m., New York City time, on December 21, 2018. All other terms and conditions of the Exchange Offers remain unchanged.

As the Withdrawal Deadline (as defined in the Offering Memorandum) for each Exchange Offer has passed, holders may no longer withdraw Existing DGL Notes tendered in the Exchange Offers, except in certain limited circumstances as set forth in the Offering Memorandum.

Digicel has also received consents from holders of a majority of the outstanding aggregate principal amount of the Existing 2020 Notes to adopt certain amendments (the "Proposed Amendments") to the Indenture governing such Existing 2020 Notes that would eliminate substantially all of the restrictive covenants and events of default contained in such Indenture. Digicel intends to promptly execute and deliver a supplemental indenture to such Indenture to effect these amendments. The Proposed Amendments will become operative upon consummation of the Phase II 2020 Notes Exchange Offer.

Each Exchange Offer is a separate offer and, subject to applicable law, may be amended, extended, terminated or withdrawn, either as a whole, or with respect to one or more series of Existing DGL Notes, at any time and for any reason, including if any of the conditions described in the Offering Memorandum are not satisfied or waived by the applicable expiration date.

Documents relating to the Exchange Offers and Consent Solicitations will only be distributed to holders of Existing DGL Notes who certify that they are (i) "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or (ii) persons outside the United States that are not "U.S. persons" within the meaning of Regulation S under the Securities Act (such holders, "Eligible Holders"). The complete terms and conditions of the Exchange Offers and the Consent Solicitations are described in the Offering Memorandum and related letter of transmittal, copies of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (866)-470-3800 (U.S. toll-free), (212)-430-3774 (banks and brokers) or by emailing [email protected] . Holders of the Existing DGL Notes may also complete and submit a letter of eligibility online at http://gbsc-usa.com/eligibility/digicel.

Holders of the Existing Notes that are U.S. persons and not qualified institutional buyers will not be able to receive such documents, but Digicel Group Limited will make alternative arrangements available to ensure that they can participate in the Consent Solicitations on a comparable basis. Such holders should contact Digicel and, after furnishing proof of their status as non-qualified institutional buyers that are US persons, will receive information about arrangements available to them.

The New Notes have not been 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 registration requirements.

No Offer or Solicitation 

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

This press release shall not constitute an offer to purchase any securities or a solicitation of an offer to sell, or the solicitation of tenders or consents with respect to, any securities, and is issued pursuant to Rule 135c under the Securities Act. The Exchange Offers and Consent Solicitations are being made only pursuant to the Offering Memorandum and related transmittal documents and only to such persons and in such jurisdictions as is permitted under applicable law.

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 Limited is a limited liability exempted company incorporated under the laws of Bermuda and owned by Mr. Denis O'Brien.

Digicel Group is a total communications and entertainment provider with operations in 31 markets in the Caribbean, Central America and Asia Pacific. After 17 years of operation, total investment to date stands at over US$5 billion worldwide.

Digicel 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.

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

SOURCE Digicel Group Limited