Pac-West Telecomm Announces Exchange Offer and Consent Solicitation
21 Dezember 2006 - 11:56PM
PR Newswire (US)
STOCKTON, Calif., Dec. 21 /PRNewswire-FirstCall/ -- Pac-West
Telecomm, Inc. (OTC:PACW.PK), a leading provider of next generation
and traditional voice communications services, today announced the
commencement of an offer to exchange any and all of its outstanding
13 1/2% Senior Notes due 2009 for newly issued 13 1/2% Senior
Priority Notes due 2009. In conjunction with the exchange offer,
the Company is soliciting consents to an amendment to the indenture
governing the senior notes. The exchange offer is being made
pursuant to an Offering Circular and Consent Solicitation
Statement, dated December 21, 2006, and a related Letter of
Transmittal and Consent. The exchange offer and consent
solicitation are scheduled to expire at 5:00 p.m., New York City
time, on Tuesday January 23, 2007, unless otherwise extended. If
the exchange offer is consummated, each $1,000 of senior notes
tendered and accepted will be exchanged for an amount of principal
of new senior notes equal to $1,000 plus the amount of accrued and
unpaid interest in respect of such senior notes through but
excluding the date of exchange (rounded to the nearest $1.00).
Consequently, tendering holders will not be entitled to a cash
payment of accrued and unpaid interest in respect of tendered
senior notes if the exchange offer is consummated. The exchange
offer is conditioned upon, among other things, at least 51% of the
aggregate outstanding principal amount of the senior notes properly
tendering into the exchange offer, receipt of the requisite
consents for the proposed amendment to the indenture governing the
senior notes and the satisfaction of certain other customary
conditions. Wells Fargo Bank, N.A. is acting as exchange agent for
the exchange offer and the consent solicitation. This communication
is not an offer to exchange senior notes for new senior notes or a
solicitation of an offer to exchange senior notes for new senior
notes or a solicitation of consents with respect to the senior
notes. The consent solicitation and offer to exchange senior notes
for new senior notes are being made solely by means of an offering
circular and consent solicitation statement and other documents
provided to holders of the senior notes. About Pac-West Telecomm,
Inc. Pac-West is a provider of advanced communications services
that enable traditional and next-generation providers, carriers,
and service providers to efficiently design, deploy, and deliver
integrated communication solutions. Currently, Pac-West has
operations in California, Nevada, Washington, Arizona, Utah,
Oregon, Idaho, Washington D.C., Colorado, Pennsylvania, Florida,
Maryland, New Jersey, North Carolina, South Carolina, New York and
Alabama. Founded in 1980, Pac-West Telecomm, Inc. has been offering
communication services to its customers since 1982 and has been a
leading provider of wholesale services to Internet Service
Providers. For more information, visit http://www.pacwest.com/.
Forward-Looking Statements In this press release, our use of the
words "outlook," "expect," "anticipate," "estimate," "forecast,"
"project," "likely," "objective," "plan," "designed," "goal,"
"target," and similar expressions is intended to identify
forward-looking statements. While these statements represent our
current judgment on what the future may hold, and we believe these
judgments are reasonable, actual results may differ materially due
to numerous important risk factors, including risk factors
described in our Annual Report on Form 10-K for the period ended
December 31, 2005, as filed with the SEC on March 29, 2006, which
may be revised or supplemented in subsequent reports filed by us
with the SEC. Such risk factors include, but are not limited to
risks associated with: our level of indebtedness; our inability to
comply with the covenants contained in, or the possibility of
triggering a default under, our borrowing arrangements, our
inability to execute our business plans and objectives, regulatory
and legal uncertainty with respect to intercarrier compensation
payments received by us; the migration to broadband Internet access
affecting dial-up Internet access; the loss of key executive
officers that could negatively impact our business prospects; an
increase in our network expenses; our principal competitors for
local services and potential additional competitors, which may have
advantages that may adversely affect our ability to compete with
them. DATASOURCE: Pac-West Telecomm, Inc. CONTACT: Reid Cox of
Pac-West, +1-209-926-3417, or Web site: http://www.pacwest.com/
Copyright