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TRICOM WITHDRAWS TENDER OFFER FOR ITS SENIOR NOTES
SANTO DOMINGO, Dominican Republic--(BUSINESS WIRE)--June 5, 2000--TRICOM
(NYSE:TDR - NEWS) announced today that it has elected not to proceed with its
previously announced tender offer and consent solicitation statement for its
11-3/8% Senior Notes due 2004 dated March 20, 2000. The Company determined to
terminate its offer to purchase due to high yield market conditions.
Commenting for TRICOM, Arturo Pellerano, Chairman and CEO, stated: "Because
of the continuing volatility in the financial markets and after careful
consideration, we have decided not to proceed with the tender offer. In light
of the successful completion of our follow-on equity offering on April 12,
2000, we believe we have ample access to capital at much more favorable
conditions tan those available in the market at present, and we can wait for
high yield market opportunities to improve in the future. In addition, the
tender offer financing would have given TRICOM only minimal incremental
funds. TRICOM is a fast growing company with a proven business model, great
strategic assets, good management and a pan-Caribbean footprint that will
ensure our continued success as we embark in our regional expansion
strategy."
All tendered Notes will be returned promptly to the holders who tendered. The
tender offer expired at 5:00 p.m., New York City time, on June 2, 2000. Bear,
Stearns & Co. Inc. was the dealer manager for the tender offer and the
solicitation agent for the consent solicitation. Questions or requests for
assistance may be directed to Bear, Stearns & Co. Inc. (Tel: 877-696-BEAR).
TRICOM is a leading integrated communications service provider in the Dominican
Republic. Through the only completely digital local access network in the
Dominican Republic, a wireless network covering 80% of the population and our
submarine fiber optic cable systems, we offer local, long distance, mobile,
Internet and broadband data transmission services. Through our subsidiary,
TRICOM USA, Inc., we own switching facilities in New York and are one of the few
Latin American long distance carriers licensed in the United States. For more
information, visit TRICOM's Web site at http://www.tricom.net
For additional information, please visit TRICOM's Investor Relations website at
http://www.tricom.net/investor or contact our Investor Relations Department at
the above numbers.
This statement may contain certain forward-looking statements, which may involve
known and unknown risks, uncertainties, and other factors not under the
Company's control, which may cause actual results, performance and achievements
of the Company to be materially different from the results, performance, or
expectations of the Company. These factors include, but are not limited to those
detailed in the Company's periodic filings with the Securities and Exchange
Commission.
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CONTACT:
TRICOM, S.A.
Jaime Garcia, (809) 476-4044 / 4054
[email protected]
or
STRATEGIC GROWTH INTERNATIONAL, INC.
Richard Cooper / Robert Schatz, (516) 829-7111
[email protected]
