Hong Kong, April 24, 2009 – City Telecom (H.K.) Limited (the “Company”, SEHK : 1137, NASDAQ : CTEL), a corporation incorporated under the laws of Hong Kong, today announced that its tender offer to purchase for cash and consent solicitation (the “Offer to Purchase and Consent Solicitation”) in respect of its outstanding US$89,353,000 of aggregate principal amount of 8.75% Senior Notes Due 2015 (the “Notes”) expired as of 11:59 p.m., New York City time, on April 23, 2009.
As of business close, New York City time, on April 23, 2009, the Company has received Consents and tenders of Notes totaling principal amount of US$16,928,000, representing approximately 18.9% of the outstanding principal amount of Notes.
Subject to the terms of the Offer to Purchase and Consent Solicitation, the Company announces that the conditions of the Offer to Purchase and Consent Solicitation have been satisfied and that all Notes tendered to it will be accepted for purchase. On or prior to 5:00 p.m., New York City time, on April 27, 2009 (the “Payment Date”), each tendering and consenting Holder will receive the Total Consideration or the Tender Consideration, as applicable, plus accrued and unpaid interest on such tendered Notes up to but excluding the Payment Date. The Third Supplemental Indenture for which the Company was soliciting consents has not been executed because the requisite consents were not received.