RIO DE JANEIRO, Brazil, Nov. 9, 2005 (PRIMEZONE) -- Tele Norte Leste Participacoes S.A. ("TNL") announced today that it has extended the period of its cash tender offer (the "Offer"), previously announced on October 11, 2005, for up to US$150,000,000 of its US$300,000,000 8.00% notes due December 18, 2013 (the "Notes") (CUSIP Nos.: 879246AB2, 879246AA4 and P90369AA0; ISIN Nos. US879246AB24, US879246AA41 and USP90369AA07; Common Code Nos. 020292709 and 018258609), to expire at 5:00 p.m., New York City time, on Wednesday, November 23, 2005 (the "New Expiration Date"). The Offer was previously scheduled to expire at 5:00 p.m., New York City time, today.
Approximately US$200,000,000 in aggregate principal amount outstanding of the Notes had been tendered to date.
The price determination date for the Offer will be the second business day immediately preceding the New Expiration Date, which is expected to be 2:00 p.m., New York City time, Monday, November 21, 2005. Settlement of the Offer is expected to occur on the fifth business day after the New Expiration Date, which is expected to be Thursday, December 1, 2005. All references to "Expiration Date" in the Offer to Purchase dated October 11, 2005 relating to the Offer (the "Offer to Purchase") and the related Letter of Transmittal shall be deemed to be references to the New Expiration Date.
The other terms and conditions of the Offer remain unchanged. TNL may further extend the period of the Offer in TNL's sole discretion. Any Notes previously tendered, and all Notes tendered hereafter, may not be withdrawn.
TNL has retained Citigroup Corporate and Investment Banking to act as Dealer Manager for the Offer and Global Bondholder Services Corporation to act as the depositary and information agent for the Offer.
Requests for documents may be directed to Global Bondholder Services Corporation by telephone at +1 (866) 470-4200 (in the United States) or +1 (212) 430-3774 or in writing at Global Bondholder Services Corporation 65 Broadway -- Suite 704, New York, New York 10006, Attn. Corporate Actions. These documents contain important information, and holders should read them carefully before making any investment decision. Questions regarding the Offer may be directed to Citigroup Corporate and Investment Banking at +1 (800) 558-3745 (in the United States) or +1 (212) 723-6108 (outside the United States, call collect) or in writing at Citigroup Corporate and Investment Banking, Liability Management Group, 390 Greenwich Street, 4th Floor, New York, New York 10013.
This announcement is not an offer to purchase, nor a solicitation of an offer to purchase, nor a solicitation of tender with respect to, any Notes. The Offer is being made solely upon the terms, and subject to the conditions, set forth in the Offer to Purchase and the related Letter of Transmittal.