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Liberty Latin America Announces Proposed Offering of $350 Million of Convertible Senior Notes Dues 2024

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Denver, Colorado–(BUSINESS WIRE)–Liberty Latin America Ltd. (“Liberty Latin America”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced that it intends to offer, subject to market and other conditions, $350 million aggregate principal amount of Convertible Senior Notes due 2024 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Liberty Latin America also intends to grant the initial purchasers of the Notes a 13-day option to purchase up to an additional $52.5 million aggregate principal amount of the Notes in connection with the offering.

The Notes will be general unsecured senior obligations of Liberty Latin America, pay interest semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020, mature on July 15, 2024 (unless earlier repurchased, redeemed or converted), and be convertible into Liberty Latin America’s Class C common shares, cash, or a combination of shares and cash, at Liberty Latin America’s election. The interest rate on, the initial conversion rate of, and other terms of the Notes will be determined by negotiations between Liberty Latin America and the initial purchasers of the Notes.

Other than a redemption for a change in certain tax laws, Liberty Latin America may not redeem the Notes prior to July 19, 2022. On or after July 19, 2022, Liberty Latin America may redeem for cash all or a portion of the Notes if the last reported sale price of Liberty Latin America’s Class C common shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date Liberty Latin America provides notice of redemption and (ii) the trading day immediately preceding the date Liberty Latin America provides such notice.

Liberty Latin America expects to use a portion of the net proceeds from the sale of the Notes to fund the cost of the capped call transactions described below and use the remaining funds for other general corporate purposes. If the initial purchasers exercise their option to purchase additional Notes, Liberty Latin America expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions and use the remaining funds for other general corporate purposes.

In connection with the offering of the Notes, Liberty Latin America also intends to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the Notes or their affiliates and other financial institutions (the “option counterparties”). The capped call transactions are expected to reduce the potential dilution to Liberty Latin America’s Class C common shares upon any conversion of the Notes and/or offset the cash payments Liberty Latin America is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional Notes, Liberty Latin America intends to enter into additional capped call transactions with the option counterparties. In connection with establishing their initial hedge of the capped call transactions, Liberty Latin America expects that the option counterparties will purchase Liberty Latin America’s Class C common shares and/or enter into various derivative transactions with respect to Liberty Latin America’s common shares concurrently with or shortly after the pricing of the Notes. These activities could have the effect of increasing, or reducing the size of a decline in, the market price of Liberty Latin America’s Class C common shares or the Notes concurrently with, or shortly following, the pricing of the Notes. In addition, the option counterparties (and/or their respective affiliates) may modify their hedge positions by entering into or unwinding various derivatives with respect to the Liberty Latin America’s Class C common shares and/or purchasing or selling Liberty Latin America’s Class C common shares or other securities of Liberty Latin America in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during any observation period related to a conversion of Notes). Any of these activities could cause or avoid an increase or a decrease in the market price of Liberty Latin America’s Class C common shares or the Notes and, to the extent any of these activities occurs during any observation period related to a conversion of Notes, could affect the number of shares and value of the consideration that a noteholder will receive upon conversion of the Notes.

In addition, if any such capped call transaction fails to become effective, whether or not this offering of Notes is completed, the option counterparty party thereto may unwind its hedge positions with respect to Liberty Latin America’s Class C common shares, which could adversely affect the value of Liberty Latin America’s Class C common shares and, if the Notes have been issued, the value of the Notes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.

The Notes and the Class C common shares issuable upon conversion of the Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws.

FORWARD-LOOKING STATEMENTS

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the intended launch of a private offering of Notes, the anticipated use of proceeds therefrom and certain related capped call transactions. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, general market conditions. These forward-looking statements speak only as of the date of this press release, and Liberty Latin America Ltd. expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Latin America Ltd., including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, for risks and uncertainties related to Liberty Latin America Ltd.’s business which may affect the statements made in this press release.

ABOUT LIBERTY LATIN AMERICA

Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil, BTC, UTS and Cabletica. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B).

Contacts

Investor Relations:

Kunal Patel

+1 786 274 7552

Media Relations:

Claudia Restrepo

+1 786 218 0407

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Business Wire

Thales Named a Market Leader in KuppingerCole Analysts Leadership Compass for Identity-as-a-Service Access Management

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  • Thales recognized for global reach, number of customers and partner ecosystem
  • Positive ratings for innovativeness, interoperability, market position, security and usability

PARIS LA DÉFENSE, France–(BUSINESS WIRE)–Thales today announced that it has been positioned as a Market Leader in the 2019 KuppingerCole Leadership Compass for Identity-as-a-Service (IDaaS) Access Management.

The report recognized Thales, through its SafeNet Trusted Access offer, as a market leader in terms of the number of customers, partner ecosystem, and global reach in the IDaaS Access Management market. KuppingerCole’s Leadership Compass takes a thorough look at the overall IDaaS Access Management industry, provides in-depth analysis of the main players in the market, and rates vendors on innovation, product features, and market reach.

“With a strong global presence, SafeNet Trusted Access presents a flexible solution based on standards and, in addition, agents as a service to cater to the access management requirements of organizations with broad contextual authentication needs,” said Martin Kuppinger, founder and principal analyst, KuppingerCole. “Organizations with common IDaaS Access Management requirements should consider SafeNet Trusted Access on their shortlist, specifically when having a need for strong MFA support and flexible authentication policies.”

KuppingerCole recognized SafeNet Trusted Access for its “wide range of authentication factors combined with broad support for contextual attributes to deliver risk adaptive authentication along with some access management functions targeted at B2B, B2E and G2C market segments.” In addition, the report highlighted the global presence for SafeNet Trusted Access and recommended that organizations “should consider SafeNet Trusted Access on their shortlist, specifically when having a need for strong MFA support and flexible authentication policies.”

The KuppingerCole report rated Thales as “strong positive” or “positive” for:

  • Financial Strength
  • Functionality
  • Innovativeness
  • Interoperability
  • Market Position
  • Security
  • Usability

As enterprises increasing move their applications and data to the cloud, access management is increasingly seen as the solution to help simplify cloud access and mitigate the threat of data breaches. According to recent research from Thales, almost half of businesses believe cloud applications make them a target for cyber-attacks. Surveying 1,050 IT decision makers globally, Thales’ 2019 Access Management Index1 revealed that cloud applications (49%) are listed among the top three reasons an organization might be attacked, just behind unprotected infrastructure such as IoT devices (54%) and web portals (50%).

“Thales is honored to be listed a market leader in the 2019 KuppingerCole Leadership Compass report,” said François Lasnier, Vice President for Access Management solutions at Thales. “This validation demonstrates the strength, reach and innovation of SafeNet Trusted Access in meeting the security, compliance requirements and end user needs of organizations that are embracing the cloud for their mission-critical applications and IT infrastructure.”

Thales’ global market leadership position comes from more than two decades of innovation in the access management and authentication market. SafeNet Trusted Access is a cloud-based access management solution that combines the convenience of single sign-on (SSO) with granular access security controls and adaptive authentication. By validating identities, enforcing access policies and applying Smart SSO, SafeNet Trusted Access helps organizations ensure secure, convenient access to cloud applications, prevent data breaches and simplify compliance.

Download the full KuppingerCole Leadership Compass for IDaaS Acess Management.

1The 2019 Access Management Index, is a survey of 1050 executives in 11 countries with responsibility for, or influence over, IT and data security. The survey, reporting and analysis was conducted by Vanson Bourne, commissioned by Thales.

Contacts

Thales, Media Relations
Security
Constance Arnoux

+33 (0)1 57 77 91 58

constance.arnoux@thalesgroup.com

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Business Wire

Juniper Research: Mobile Financial Services’ Transactions to Exceed $1 Trillion in Emerging Markets by 2024

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Includes Mobile Money Transfer, Microloans, Microsavings and Microinsurance

BASINGSTOKE, England–(BUSINESS WIRE)–#emerging–A new study from Juniper Research found that the total transaction value of the MFS (Mobile Financial Services) market will exceed $1 trillion by 2024; rising from $580 billion in 2019. This is a growth of 70%. The research identified a range of untapped opportunities in Latin America for services such as microfinance, microloans and money transfer, as a key driver of MFS growth over the next five years.

For more insights on Mobile Financial Services in Emerging Markets, download our free whitepaper: The $1 Trillion Opportunity ~ Mobile Financial Services in Emerging Markets.

Latin America – the Underserved Opportunity

The new research, Mobile Financial Services in Emerging Markets: Monetisation Models & Market Forecasts 2019-2024, forecasts that the total number of users accessing MFS in Latin America will grow 20% on average annually over the next five years. This is predicted to grow twice as fast as saturated markets such as Africa & Middle East. In response, it urged MFS vendors to leverage existing experience to launch services in this underserved market.

It also forecasts that the number of MFS users in all emerging markets will reach 1.2 billion by 2024; growing from 890 million in 2019. Africa & Middle East will account for over 600 million users alone by 2024; owing to the high reliance on mobile devices for banking services.

Cash In, Cash Out to Account for Half of Overall MFS Value by 2024

The research found that CICO (Cash In, Cash Out) transactions will be the largest driver of growth for the MFS market; exceeding a value of $590 billion by 2024. CICO allows users to access traditional banking services, such as deposits and withdrawals, via mobile devices.

The report urged MFS providers to expand their agent networks to rapidly grow customer bases. It also forecasts that fostering confidence amongst users for CICO transactions will lead to uptake of more comprehensive MFS products, such as microloans and microinsurance, in the future.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Contacts

For further details please contact

Sam Smith, Press Relations

T: +44(0)1256 830002

E: sam.smith@juniperresearch.com

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Business Wire

Broadband Forum Reimagines Services Deployment and Orchestration With Exclusive CloudCO Demonstration at Broadband World Forum 2019

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The first-of-its-kind demonstration is sponsored by Swisscom, BT, and TIM and will showcase zero touch service provisioning of a multi-vendor access network

AMSTERDAM–(BUSINESS WIRE)–#Cloud–As service providers look to introduce new network technologies to accelerate new services deployment with minimal risk, Broadband Forum will demonstrate the latest developments in its Cloud Central Office (CloudCO) and Open Broadband – Broadband Access Abstraction (OB-BAA) initiatives at Broadband World Forum (BBWF) 2019.

CloudCO is a recasting of the Central Office hosting infrastructure that utilizes Software Defined Networking (SDN), Network Functions Virtualization (NFV) and Cloud technologies to support network functions for broadband services. Within this, OB-BAA specifies Northbound Interfaces (NBI), Core Components and Southbound Adaptation Interfaces (SAI) for functions associated with access network devices that have been virtualized, facilitating co-existence and seamless migration.

The first-of-its-kind demonstration of both initiatives at BBWF 2019 will leverage a combination of SDN automation and virtualization, open source innovation and Broadband Forum’s Open Broadband Labs (OB-Labs) infrastructure. This will show zero touch service provisioning of a multi-vendor access network containing NETCONF/YANG and SNMP access nodes via standard and vendor specific adapters, all through a single portal. It will also take advantage of major enhancements to Broadband Forum’s OB-BAA open source project and a soon-to-be-released new Application Note, APPN-446 – ONAP and CloudCO integration for Residential Broadband HSIA Service.

“The CloudCO and OB-BAA demonstration will represent a radical recasting of services deployment and orchestration to the benefit of the industry,” said Geoff Burke, Chief Marketing Officer at Broadband Forum. “CloudCO and OB-BAA are among our Open Broadband initiatives which aim to advance network migration to cloud-based broadband infrastructures and help service providers realize the possibilities of SDN and NFV. This demonstration will highlight the innovative work of the global Open Broadband Labs and the benefits of industry-wide collaboration and interoperability.”

Specifically, the demo illustrates a multi-vendor network use case in which a customer making a service request has the service created and activated by the service provider, only then to relocate to a new location and find the service seamlessly reactivated. This will show a plethora of benefits which are available to service providers through CloudCO, including reductions in the costs of validating, engineering, and improving operation of services.

BT, Swisscom, and TIM will sponsor the demonstration, reinforcing the important role open standards have to play in operators’ future networks.

Kevin Foster, Head of Broadband Technical Standards for BT, said: “CloudCO and OB-BAA will underpin an ability to create a ‘pick & mix’ access network constructed from different technologies and vendors thereby improving operational effectiveness, customer experience, and ensuring easier migration from legacy technologies and services.”

David Pérez Caparrós, Lead DevOps Engineer at Swisscom, said: “With CloudCO and OB-BAA, we will be able to evolve our access network with new technologies at a faster pace, with lower integration costs and higher customer satisfaction through faster response.”

Mauro Tilocca, Access Network Automation expert and Broadband Forum delegate at TIM, added: “CloudCO and OB-BAA, will improve the agility of net ops and maintenance, and enable open programmable interfaces to improve our service portfolio. This demonstration will show zero touch service provisioning of a multi-vendor access network containing NETCONF/YANG and SNMP access nodes via standard and vendor specific adapters, all through a single portal and ONAP operating as CloudCO Orchestrator as well as End-to-End Service Orchestrator.”

Access vendors participating in the demonstration include Nokia, Altice Labs, and DZS which will all leverage an OB-Labs infrastructure enabled by The European Advanced Networking Test Center (EANTC), The University of New Hampshire InterOperability Laboratory (UNH-IOL) and VMware. The demonstration will take place during exhibition hours in the Broadband Forum / Open Broadband Interop Pavilion (A40). In addition, a one-hour session – “Deep Dive on OB-BAA: Managing Multi-Vendor SDN Broadband Networks” – will be hosted by Ovum Principal Analyst Julie Kunstler in the Broadband World News Theater on the exhibition floor starting at 11.15am on 16 October. Participants will include service provider TIM, access vendors Altice Labs, DZS, and Nokia, and OB-Lab enablers EANTC, UNH-IOL, and VMware.

Broadband World Forum 2019 takes place from Tuesday, October 15 to Thursday, October 17, at the RAI, Amsterdam, the Netherlands. For more information, please visit: https://tmt.knect365.com/bbwf/.

About Broadband Forum

Broadband Forum is the communications industry’s leading organization focused on accelerating broadband innovation, standards, and ecosystem development. Our passion – delivering on the promise of broadband by enabling smarter and faster broadband networks and a thriving broadband ecosystem.

Broadband Forum is an open, non-profit industry organization composed of the industry’s leading broadband operators, vendors, thought leaders who are shaping the future of broadband, and observers who closely track our progress. Its work to date has been the foundation for broadband’s global proliferation and innovation. For example, the Forum’s flagship TR-069 CPE WAN Management Protocol has nearly 1 billion installations worldwide.

Broadband Forum’s projects span across 5G, Connected Home, Cloud, and Access. Its working groups collaborate to define best practices for global networks, enable new revenue-generating service and content delivery, establish technology migration strategies, and engineer critical device, service & development management tools in the home and business IP networking infrastructure. We develop multi-service broadband packet networking specifications addressing architecture, device and service management, software data models, interoperability and certification in the broadband market.

Our free technical reports and white papers can be found at https://www.broadband-forum.org/.

Follow us on Twitter @Broadband_Forum and LinkedIn.

For more information about the Broadband Forum, please go to https://www.broadband-forum.org or follow @Broadband_Forum on Twitter. For further information please contact Brian Dolby on +44 (0) 7899 914168 or brian.dolby@proactive-pr.com or Jayne Brooks on +44 (0) 1636 704 888 or jayne.brooks@proactive-pr.com

Contacts

Brian Dolby on +44 (0) 7899 914168 or brian.dolby@proactive-pr.com or Jayne Brooks on +44 (0) 1636 704 888 or jayne.brooks@proactive-pr.com

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