Song Networks (formerly Tele1 Europe) reported progress in the ongoing process of converting its bonds to new shares. During the first conversion period bondholders representing 84 percent of the total outstanding bonds, issued by the wholly owned subsidiary Song Networks N.V, have turned in their bonds in exchange for new shares in Song Networks Holding AB. The converted loans are equivalent to a total debt of approximately SEK 3.6 billion. The company said that through the restructuring Song Networks will be virtually free of debt. Also, Song Networks completed its previously announced acquisition of Arrowhead AB from Vattenfall AB for SEK 100 million.
http://www.songnetworks.net
- Song Networks operates local access networks in the largest cities in the Nordic region. The company is headquartered in Stockholm.
