Pac-West Telecomm Announces Completion of Exchange Offer and Consent Solicitation
31 Januar 2007 - 11:14PM
PR Newswire (US)
STOCKTON, Calif., Jan. 31 /PRNewswire-FirstCall/ -- Pac-West
Telecomm, Inc. (OTC:PACW.PK), a leading provider of next generation
and traditional voice communications services, today announced the
completion 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 solicited, and received, consents to an amendment to
the indenture governing the Senior Notes. The exchange offer
expired on January 29, 2007 with $24,519,000 in aggregate principal
amount of Senior Notes having been tendered into the exchange
offer. Each $1,000 of Senior Notes tendered and accepted were
exchanged for an amount of principal of Senior Priority Notes equal
to $1,000 plus the amount of accrued and unpaid interest in respect
of such tendered Senior Notes through but excluding the date of
exchange (rounded to the nearest $1.00). As such, as of the date
hereof, there is $11,583,000 in aggregate principal amount of
Senior Notes outstanding and $26,186, 292 in aggregate principal
amount of Senior Priority Notes outstanding. This communication is
not an offer to exchange Senior Notes for Senior Priority Notes or
a solicitation of an offer to exchange Senior Notes for Senior
Priority Notes or a solicitation of consents with respect to the
Senior Notes. The consent solicitation and offer to exchange Senior
Notes for Senior Priority 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/
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