Subex to Extend Maturity of Existing FCCBs
Bangalore, India – Subex Ltd, a leading global provider of Business Support Systems (B/OSS) for Communications Service Providers (CSPs), has decided to apply to the Reserve Bank of India for an extension of the maturity dates of it’s outstanding Foreign Currency Convertible Bonds (“FCCBs”) from 9th March, 2012 to 9th July, 2012. The company will also convene a meeting of the bondholders seeking their approval for this extension.
The company will continue its discussion with the bondholders to evolve a comprehensive re-structuring plan for the FCCBs. “The re-structuring plan being explored cannot be implemented within the next 30 days when the bonds will become due. Hence the plan to seek a short extension to ensure that we have adequate time to execute the plan. We are quite confident of arriving at a long term solution to address the FCCBs with the active support of the bondholders”, said Mr. Subash Menon, Founder Chairman, Managing Director and CEO, Subex Limited.
Subex has been improving it’s performance over the past few quarters and had registered 8% sequential growth and 20% Q-o-Q growth in Continuing Business Product Revenue in the 3rd quarter of the current financial year.