MERGERS, ACQUISITIONS AND FINANCIAL RESULTS

On the Money – In Brief

* Cell C announced last week that it is offering to purchase for cash its outstanding €400,000,000 (85.8%) First Priority Senior Secured Notes due 2012.Cell C is also soliciting consents from the holders of Notes to amend the indenture governing the Notes.  Cell C’s tender offer and consent solicitation will expire on October 8, 2010.Cell C says it intends to fund an amount equal to the face amount of Notes tendered in the tender offer from the proceeds of a credit facility entered into with China Development Bank.The remaining amounts payable in connection with the tender offer and consent solicitation, including accrued interest on the Notes and related fees and expenses, will be funded from cash on hand.Cell C will consider the possibility of redeeming the 11% Senior Subordinated Notes due 2015 following the consummation of the tender offer and consent solicitation.  The timing of any such redemption has yet to be determined.This announcement is not an offer to purchase any Notes or a solicitation of an offer to sell any Notes,” Cell said in its press statement.

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