MEXICO CITY Jan 24 Troubled Mexican telecom
Axtel said on Thursday it has agreed to sell 883
transmission towers to a unit of American Tower Corp for
about $250 million in a deal that depends on the closing of a
debt exchange offer by the end of the month.
Axtel, which provides broadband and home-phone line
services, has struggled to compete with bigger market players,
including leader America Movil , owned by
tycoon Carlos Slim.
Last month, the company put an offer to creditors to
exchange $765 million in senior notes due 2017 and 2019 for $365
million in new notes due 2020, $26 million in convertible notes
due 2020 -- convertible into 10 percent of Axtel's equity -- and
a $114.8 million cash payment.
The offering, whose terms implied a substantial haircut for
creditors, was widely rejected and Axtel later sweetened the
deal in an effort to gather more support from debt holders.
Axtel shares gained 1.46 percent to close at 3.48 pesos on