Subex Ltd, a leading global provider of Business Support Systems (BSS) for Communications Service Providers (CSPs), has told OSS News Reviewthat it has successfully completed the FCCB exchange offer post approval from about 97% of the bond holders in value.
The Company has issued new secured bonds worth U.S.$127.721 million with a maturity period due July 2017 with a conversion price of Rs. 22.79 per share, at an interest rate of 5.70%, of which Bonds worth U.S.$36.321 million will be mandatorily converted into equity shares at the aforesaid conversion price of Rs.22.79 per share. Also, the maturity period of the un-exchanged existing bonds worth U.S.$ 3.40 million now stands extended to March 2017.
Subex’s founder and promoter, Mr. Subash Menon, has stepped down as Chairman to enable the company to be in compliance with the listing agreements and will continue to spearhead the company in the capacity of Managing Director and CEO. Additionally, Mr. Surjeet Singh and Mr. Karthikeyan Muthuswamy have joined the Company’s board as additional Directors, being nominees of the holders of the new bond holders. With this, the Board now has six members including Mr. Anil Singhvi, Mr. Sanjeev Aga, Mr. Subash Menon and Mr. Sudeesh Yezhuvath.
Mr. Subash Menon, Founder, Managing Director & CEO, Subex Limited said, “I am pleased to state that we have successfully, and in time, concluded the FCCBs exchange offer thereby putting all concerns about the financial stability of the Company to rest. We will continue to work hard to provide the best-in-class solutions to our customers and sustain our market leadership in BSS. With the increasing traction for our industry-leading Revenue Operations Center (ROC®) and Managed Services offering and the non-linearity in the business, we are confident of better times ahead”.