Subex Restructures Its DebtSubex Restructures Its Debt

BANGALORE -- Subex Ltd, a leading global provider of Business Support Systems (BSS) for Communications Service Providers (CSPs), announced today that 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.

Subex Ltd.