COMCEL TRUST (A Cayman Islands Trust) 6.875% Senior Notes Due 2024 Guaranteed by Comunicaciones Celulares, S.A
OFFERING MEMORANDUM CONFIDENTIAL US$800,000,000 COMCEL TRUST (a Cayman Islands Trust) 6.875% Senior Notes due 2024 guaranteed by Comunicaciones Celulares, S.A. and the other Note Guarantors named herein The 6.875% senior notes due 2024 offered hereby (the “Notes”) are being issued by Intertrust SPV (Cayman) Limited (the “Cayman Trustee”) acting as trustee of Comcel Trust (the “Trust”) established pursuant to a Declaration of Trust dated January 8, 2014 (the “Declaration of Trust”). The net proceeds obtained from the sale of the Notes will be used by the Cayman Trustee to acquire as an asset of the Trust, pursuant to a Participation Agreement (the “Participation Agreement”) between the Cayman Trustee and Credit Suisse AG, Cayman Islands Branch (the “Lender”), a 100% participation interest (the “Participation”) in a US$800,000,000 senior unsecured loan (the “Loan”) made by the Lender to Comunicaciones Celulares, S.A. (“Comcel” or the “Borrower”), a stock corporation (sociedad anónima) organized under the laws of the Republic of Guatemala, pursuant to a Credit and Guaranty Agreement (the “Credit and Guaranty Agreement”) among the Lender, the Borrower, and Comunicaciones Corporativas, S.A., Distribuidora Central de Comunicaciones, S.A., Distribuidora de Comunicaciones de Occidente, S.A., Distribuidora de Comunicaciones de Oriente, S.A., Distribuidora Internacional de Comunicaciones, S.A., Navega.com, S.A., Servicios Especializados en Telecomunicaciones, S.A. and Servicios Innovadores de Comunicación y Entretenimiento, S.A., affiliates of Comcel, as guarantors (together, the “Loan Guarantors”) (such guarantees, the “Loan Guarantees”). The principal asset of the Trust is the Participation and certain related rights described herein.
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