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Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its subsidiaries, VTR Comunicaciones SpA and VTR Finance N.V. (together "VTR") successfully completed the issuance of $600 million 5.125% Senior Secured Notes due 2028 and $550 million 6.375% Senior Notes due 2028, respectively.
The three-year deal is likely to enable Liberty Latin America to scale up traditional wireless networks, leveraging the technological prowess of Ericsson (ERIC).
Ericsson is partnering with Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) in a major upgrade of its mobile core network and to accelerate its journey towards new technologies in the Caribbean and Latin America. The communications services provider has chosen Ericsson as its sole mobile core network vendor in a major network modernization drive.
Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its subsidiary, Liberty Communications Puerto Rico ("LCPR") has successfully completed the issuance of $90 million of additional 6.75% Senior Secured Notes due 2027, through LCPR Senior Secured Financing Designated Activity Company (the "Issuer"). The transaction was executed on a Private Placement basis with a limited number of existing investors. The new notes priced at 102.5% of par, reflecting a yield to maturity of approximately 6.3%, and will increase the principal size of the Issuer's outstanding notes to $1,290 million.
Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ended March 31, 2020 ("Q1").
Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announces that it has established the COVID-19: LLA Employee Emergency Assistance Fund ("Fund") to provide direct relief to eligible employees and their families who are facing unforeseen financial distress or an emergency hardship as a result of the novel Coronavirus (COVID-19) pandemic. The Fund will be seeded with an initial contribution of more than $300,000 from the Liberty Latin America Board of Directors. Additional funds will be raised through an online giving campaign, which also kicks off today.
(Bloomberg) -- Telefonica SA and billionaire John Malone’s Liberty Global Plc are exploring a combination of their U.K. operations, people with knowledge of the matter said, in a deal that would reshape the British telecommunications industry.The companies are discussing bringing together Telefonica’s O2 wireless unit and Liberty Global’s Virgin Media business, according to the people, who asked not to be identified because the information is private. If they reach an agreement, a transaction could be announced as soon as next week, the people said.Liberty Global’s class A shares rose almost 15% in New York trading Friday, while Telefonica’s American depositary receipts closed up 6.4%.A tie-up would add to a long history of dealmaking by Malone, who earned the nickname “Cable Cowboy” while at the forefront of the American pay-television industry in the 1990s. Combining forces in the U.K. would help Telefonica pare its debt and deliver on a new strategy meant to streamline its global empire.The potential deal would be the biggest in the U.K. telecommunications industry since 2015, when former monopoly BT Group Plc agreed to buy mobile operator EE Ltd. for 12.5 billion pounds ($16 billion), according to data compiled by Bloomberg.Telefonica is scheduled to announce its first-quarter earnings on May 7. No final decisions have been made, and talks could still fall apart or be delayed, the people said.A representative for Telefonica declined to comment. A spokesperson for Liberty Global couldn’t immediately be reached for comment.New Street Research valued a potential takeover of O2 UK at $15.8 billion, assuming 50% of the 5.2 billion pounds in cost savings of combining with Virgin goes to O2 owner Telefonica.“This deal has been mooted for a while, and makes a lot of sense given the trend toward fixed and wireless network convergence,” said Matthew Howett, founder of London-based analyst firm Assembly Research.A deal that brings together a fixed-line operator with a mobile provider is more likely to be approved by regulators than mobile-to-mobile consolidation, Howett said. “It doesn’t reduce competition in mobile, and preserves the four-player market that Ofcom and others have been committed to,” he said, referring to Britain’s telecommunications regulator.Mobile, TelevisionThe discussions come at a time when dealmaking has been crippled globally by the coronavirus pandemic. April was the worst month for deals globally since 2004, with a smaller volume of announced deals than even in the depths of the global financial crisis. The potential transaction would be the largest since the Covid-19 outbreak.O2, a pure-play wireless carrier, had 34.5 million customers using its network at the end of December, according to the company. O2 reported 7.1 billion euros ($7.8 billion) of revenue last year, accounting for about 15% of Telefonica’s total, data compiled by Bloomberg show.The talks mark another attempt by Telefonica to pursue a deal involving its O2 unit. In 2016, European antitrust regulators blocked Telefonica’s planned $15 billion sale of the business to billionaire Li Ka-shing’s CK Hutchison Holdings Ltd., the owner of rival operator Three.Virgin Media offers pay-television, broadband, and phone packages in the U.K. It also sells mobile services that run on BT’s network. That partnership is set to shift to Vodafone Group Plc when the current agreement runs out late next year.Liberty Global generated almost 40% of its revenue from Virgin Media last year, according to data compiled by Bloomberg. It bought the business in 2013 through a cash-and-stock deal valued at about $16 billion at the time of announcement.Restructuring PlanTelefonica announced a restructuring plan in November that will see it focus on four main markets, including the U.K., while scaling back its presence in Latin America. The Madrid-based company also said at the time it was looking to monetize some infrastructure assets and would take an “open approach” to deals.Malone made his name selling cable provider Tele-Communications Inc. to AT&T Inc. for $48 billion in 1999. He pursued a decade of rapid expansion in the European telecommunications industry with Liberty Global starting in 2005 before making a series of divestments in recent years.Liberty Global last year completed the sale of its German and eastern European operations to Vodafone Group Plc for 18.4 billion euros ($20 billion). The group also offloaded its satellite TV unit and sold its Austrian division to Deutsche Telekom AG in 2018. Another deal to sell Liberty Global’s Swiss business to Sunrise Communications AG fell apart last year following opposition from the buyer’s largest shareholder.In 2018, Liberty Global spun off some of its operations to form a separate vehicle called Liberty Latin America Ltd. That company then pursued a takeover of rival regional carrier Millicom International Cellular SA, though talks fell apart after the parties failed to reach an agreement on valuation.(Updates with analyst estimates in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Liberty Latin America Ltd. ("Liberty Latin America" or the "Company") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced plans to release its first quarter 2020 results on Tuesday, May 5, 2020 after NASDAQ market close. You are invited to participate in its Investor Call, which will begin the following day at 9:00 a.m. (Eastern Daylight Time) on Wednesday, May 6, 2020. During the call, management will discuss the Company’s results and business, and may provide other forward-looking information. Please dial in using the information provided below, at least 15 minutes prior to the start of the call.
In response to the Coronavirus pandemic (COVID-19), Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB), today announces that it has launched PSA (public service announcement) channels and content loops to educate audiences on the public health crisis and combat misinformation about COVID-19 across communities in the Caribbean and Latin America. LLA’s newly created channels and loops provide credible information on education and prevention programs that feature a mix of its own produced content, documentaries and relevant clips from a list of reliable sources on the COVID-19 pandemic. The channels and content loops are accessible to 2 million video subscribers* across LLA’s distribution platforms at no additional cost. In addition, LLA will offer advertising airtime on its own and third-party channels inventory for prevention information spots.
Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announces that its Board of Directors has authorized the repurchase of up to $100 million of the company’s Class A and Class C shares (the "Program") over the next two years.
(Bloomberg) -- AT&T Inc. damped the fires of Elliott Management Corp.’s activist pressure campaign, unveiling a three-year plan under which the phone giant will add two board seats and separate its chairman and chief executive officer roles.AT&T on Monday pledged to make no more major acquisitions soon, answering Elliott’s concern about the multibillion-dollar purchases of Time Warner and DirecTV. Randall Stephenson, 59, the architect of AT&T’s media acquisition strategy, will stay on as chairman and CEO through at least 2020, and the company will split the roles after he eventually leaves.The resolution with Elliott, which now holds a $3.4 billion stake in the company, removes a distraction for AT&T before it introduces a splashy new streaming-video service to challenge Netflix Inc.’s dominance. The company plans to unveil more details about the spring launch of HBO Max at an event Tuesday.“You’ve got to give credit to AT&T for quickly and proactively working with Elliott,” said Kevin Roe, an analyst with Roe Equity Research LLC. “It is reassuring to see Stephenson committing to the CEO role through at least 2020, and the long-term guidance is long overdue and extremely helpful to investors.”As part of the three-year financial plan, AT&T said it will book annual revenue growth between 1% and 2%, increase its dividend as a percentage of cash flow, and pay off debt to reach a leverage ratio between 2 and 2.25 in 2022. It committed to reaching earnings of $4.50 to $4.80 a share by 2022, compared with analysts’ current estimate of $3.39 a share for that year.“We commend AT&T for the positive steps announced today, which will create substantial and enduring shareholder value at one of America’s greatest companies,” Elliott partner Jesse Cohn and portfolio manager Marc Steinberg said in a statement. “It is clear to us that AT&T is committed to and accountable for creating shareholder value over the near and long term.”While Elliott said it’s supportive of AT&T’s strategy, there’s isn’t a standstill agreement that typically comes with a formal accord. That will allow Elliott to continue to agitate at the company if it doesn’t like the direction AT&T takes.AT&T also said it expects its asset sales this year to total $14 billion by the end of December. The company agreed earlier this month to sell its operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America Ltd. for $1.95 billion in cash.Seeking ReformsDallas-based AT&T and Elliott have been holding talks since the New York investor group announced about five weeks ago that it had acquired a $3.2 billion stake in AT&T and was seeking reforms aimed at getting the stock moving.AT&T gained as much as 5.3% in New York trading Monday. The stock is now up 35% this year, compared with the S&P 500 Index’s 21% increase.The company also reported third-quarter results Monday, missing analysts’ expectations for subscriber growth and revenue. With a net loss of 1.2 million TV subscribers in the third quarter, AT&T has now shed about 3.7 million video customers since the slide began five quarters ago.AT&T lost 217,000 regular monthly wireless subscribers in the period. Analysts expected a loss of 60,000.(Updates shares in 10th paragraph.)\--With assistance from Scott Deveau.To contact the reporter on this story: Scott Moritz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- If activist shareholder Elliott Management Corp. has its way, more than 30,000 AT&T Inc. workers could lose their jobs or face reductions in wages, according to a new estimate from the Communications Workers of America union.Most of the impact on workers would come from divestitures of DirecTV and AT&T’s landline business and closures of the company’s retail locations, if the company follows Elliott’s suggestions, said the CWA, which represents more than 100,000 AT&T employees.In September, billionaire Paul Singer’s New York hedge fund disclosed a new $3.2 billion position in AT&T, along with a plan to boost the telecom and media giant’s share price by more than 50% through asset sales and cost cutting. The fund hasn’t specifically called for job cuts. AT&T has said it has no plans to dispose of DirecTV, but Elliott could potentially engage in a proxy battle to push its agenda through.“If Elliott doesn’t get their way, they are going to do a proxy fight on the board, and then any or all of these things could happen,” said Christopher Shelton, president of the CWA. “We can’t leave that to chance, because that’s 30,000 jobs.”The Teamsters Union said Wednesday that it “stands in solidarity” with the CWA and its members “as they fight back against plans by a vulture capitalist hedge fund that would harm the company’s workers.” The Teamsters represent 1.4 million people.Elliott and AT&T didn’t immediately respond to requests for comment.Among the potential cuts the CWA sees:DirecTV employs about 10,000 workers represented by the CWA and the International Brotherhood of Electrical Workers whose jobs could be at risk if AT&T decides to divest the business, said Nell Geiser, assistant director of research at the CWA. Some of these jobs are at call centers, while others include technicians who do home installations and tech support.The landline business is supported by about 11,000 people whose jobs may be at risk and who work in rural areas in 26 states, the CWA estimated.Were AT&T to match Verizon Communications Inc. in the number of branded stores operated by third-party dealers, rather than by the company, it would close 970 corporate locations, the CWA said. It might close some additional corporate outlets due to geographic redundancy. In total, these moves would eliminate more than 8,500 retail sales workers, according to the CWA.If AT&T sells its operations in Puerto Rico and the Virgin Islands to Liberty Latin America Ltd. as planned, that could affect about 900 union jobs, the CWA said.The estimates don’t include workers who aren’t yet part of a union, “such as the tens of thousands at WarnerMedia,” the CWA said.These estimates should be taken with a grain of salt. In September, AT&T said DirecTV isn’t for sale, for example. Earlier this month, presidential candidate Elizabeth Warren called on AT&T to reject Elliott’s proposal as it would result in loss of jobs.(Updates with Teamsters comment in fifth paragraph.)\--With assistance from Scott Deveau and Scott Moritz.To contact the reporter on this story: Olga Kharif in Portland at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, John J. Edwards III, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
"This transaction is a result of our ongoing strategic review of our balance sheet and assets to identify opportunities for monetization," Chief Financial Officer John Stephens said in a statement. Reuters had reported in July that AT&T was exploring a sale for its Puerto Rico assets for $3 billion to cut the debt it took on to purchase Time Warner Inc for $85 billion last year. Liberty Latin America will support its FirstNet program in Puerto Rico and the U.S. Virgin Islands, AT&T said.