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Telecom Argentina S.A. Announces Final Results and Payment Date for its Cash Tender Offer

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BUENOS AIRES, Argentina, Aug. 6, 2024 /PRNewswire/ —

Telecom Argentina S.A.

8.500% Notes due August 6, 2025

(CUSIP Nos. 879273 AT7 and P9028N AZ4; ISIN Nos. US879273AT79 and USP9028NAZ44)

Telecom Argentina S.A. (“Telecom”) announces the final results at the Expiration Time for its offer to purchase for cash (the “Offer”) up to U.S.$100,000,000 outstanding aggregate principal amount (reflecting, for the avoidance of doubt, any amortization) of its outstanding 8.500% Notes due August 6, 2025 (the “Notes”) from each registered holder, on the terms and subject to the conditions set forth in the offer to purchase dated July 8, 2024 (as amended by Telecom’s press release dated July 22, 2024, whereby Telecom announced an extension of Early Tender Offer Consideration, as it may be further amended or supplemented from time to time, the “Statement”). Capitalized terms used but not defined herein have the meanings assigned to them in the Statement.

The Offer expired at 5:00 p.m., New York City time, on August 5, 2024 (the “Expiration Time”). The Payment Date is expected to be August 8, 2024, which is three business days after the Expiration Time.

The following table summarizes the aggregate principal amount of Notes validly tendered (and not validly withdrawn) in the Offer and accepted for purchase (subject to any required proration) as of the Expiration Time:

Description of Notes

CUSIP Nos.

Original Principal Amount Outstanding (1)

Principal Amount
Tendered by the
Expiration Time and
Accepted for Purchase

Principal Amount
Tendered Post
Amortization Factor(2)

8.500% Notes due August 6, 2025

CUSIP No.: 879273 AT7
CUSIP No.: P9028N AZ4

U.S.$388,871,000

U.S.$58,382,000

U.S.$19,849,880

 

(1)     As of July 8, 2024. This amount does not reflect any amortizations or repurchases.
(2)     The original principal amount of Notes of U.S.$388,871,000 is subject to a variable amortization factor (the “Amortization Factor”) which is calculated in accordance with amortization payments made and expected to be made in accordance with the terms and conditions of the Notes. On or after August 6, 2024, the Amortization Factor is expected be 0.34 and the aggregate outstanding principal amount of the Notes is expected to be U.S.$132,216,140.

 

Telecom expects to pay an aggregate amount of U.S.$19,710,930.84 as tender consideration for the Notes accepted for purchase in the Offer. In addition to the tender consideration, Telecom expects to pay US$9,373.03 of accrued and unpaid interest in respect of all Notes accepted for purchase.

On August 6, 2024, Telecom made an amortization payment in the amount of U.S.$128,327,430 on the Notes, including those Notes validly tendered and accepted for purchase. Prior to this amortization payment, the outstanding principal amount of Notes reflecting any amortization was U.S.$260,543,570. Following this amortization payment, the outstanding principal amount of Notes reflecting any amortization is U.S.$132,216,140. Following the Payment Date, the outstanding principal amount of Notes reflecting any amortization will be U.S.$112,366,260.

Morrow Sodali International LLC acted as the information and tender agent (the “Information and Tender Agent”) for the Offer. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, BBVA Securities Inc., BCP Securities, Inc., Latin Securities, S.A., Agente de Valores, and UBS Securities LLC are acting as dealer managers (the “Dealer Managers”) for the Offer.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer was not made to holders in any jurisdiction in which Telecom was aware that the making of the Offer would not be in compliance with the laws of such jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. Telecom undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The Information and Tender Agent for the Offer is:

Morrow Sodali International LLC

E-mail: telecomargentina@investor.morrowsodali.com

Offer Website: https://projects.morrowsodali.com/telecomargentina  

In London

103 Wigmore Street

W1U 1QS

London

Telephone: +44 20 4513 6933

 

In Stamford

333 Ludlow Street,

South Tower, 5th Floor

Stamford, CT 06902

Telephone: +1 203 658 9457

 

Any question regarding the terms of the Offer should be directed to the Dealer Managers.

The Dealer Managers for the Offer are: 

Deutsche Bank Securities Inc.

1 Columbus Circle
New York, New York, 10019
United States
Attention: Liability
Management
Call Collect: (212) 250-2955

Toll-Free: (866) 627-0391

 

 

J.P. Morgan

Securities LLC

383 Madison Avenue

New York, New York 10179

United States

Attention: Latin America Debt Capital Markets

Call Collect: (212) 834-7279

Toll-Free: (866) 846-2874

Santander US Capital Markets LLC

437 Madison Ave
New York, New York 10022

United States

Attention: Liability Management
Call Collect: (212) 350-0660
Toll-Free: (855) 404-3636

 

BBVA Securities Inc.

1345 Avenue of the Americas,

44th Floor

New York, New York 10105

United States of America

Attn: Liability Management

Collect: +1 (212) 728 2446

U.S. Toll Fee: +1 (800) 422 8692

Email: liabilitymanagement@bbva.com

BCP Securities, Inc.

289 Greenwich Avenue

Greenwich, CT 06830

United States

Attention: James Harper

(203) 629-2186

Email: jharper@bcpsecurities.com

Latin Securities S.A. Agente de Valores

Zonamérica

Ruta 8, Km 17,500

Edificio M2, Ofic. 002

Montevideo, CP 91600

Uruguay

Attention: m.sagaseta@latinsecurities.com.uy

UBS Securities LLC

1285 Avenue of the Americas

New York, NY 10019

Attention: Liability Management Group

Call Collect: (212) 882-5723

Toll Free: (833) 690-0971

Email: Americas-lm@ubs.com

 

Information relating to the Offer shall be available online at https://projects.morrowsodali.com/telecomargentina until the consummation or termination of the Offer

View original content:https://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-final-results-and-payment-date-for-its-cash-tender-offer-302215807.html

SOURCE Telecom Argentina S.A.

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Global Times: Xi’s letter to lecturers in Shanghai inspires silver generation to contribute to city building

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BEIJING, Nov. 14, 2024 /PRNewswire/ — On a sunny afternoon in early November, the warm sunlight pours into a solarium by the Huangpu River in downtown Shanghai. Huang Baomei and several other senior citizens gather around a table, excitedly reading a special letter together.

A day earlier, they received a letter from President Xi Jinping, after writing a letter to him weeks before to share their experiences and thoughts of providing free lectures to local residents in recent years as members of “Laoyangshu,” or “Old Poplar,” a grassroots lecture program in Shanghai consisting of retired officials, military officers, experts, teachers, and role models.

In his reply to the “Old Poplar” members, Xi praised the initiative as a meaningful approach to recount historical events, explain the Party’s new theories, and share the positive changes in the city with residents by blending the lecture content with the lecturers’ personal experiences.

Underlining the principle that cities should be built by the people and for the people, Xi called on the members of the program to inspire more people to embrace and implement the concept of a people-oriented city, the Xinhua News Agency reported. 

“Xi’s letter has given us tremendous encouragement and strength,” Huang told the Global Times with a big smile on her face.

“Even though I’m not young anymore, I never find delivering lectures tiring,” she said. “Instead, sharing the positive changes that have happened, and are happening, in Shanghai and China with my personal experiences, brings me great joy.”

Simplify the profound

With her straight posture and quick reflexes, Huang appears much younger than her actual age of 93. This elegant and energetic elderly lady was selected as China’s first generation of “model workers” in the 1950s as a textile worker, and was awarded the “July 1st Medal” – a top medal for lifelong contribution – by President Xi in 2021. She has been a role model for her dedication and professionalism for generations. 

Huang worked for 42 years at a textile factory in Shanghai. Now, as one of the eldest members of the “Old Poplar,” she passionately engages with residential communities, enterprises, and schools, sharing stories about China’s development with young people.

“At my busiest, I gave three lectures in a day, each lasting two hours, and the audience would give me a thumbs up,” Huang said proudly.

Development is a grand topic. Instead of discussing abstract concepts, Huang often shares her personal experiences filled with vivid and encouraging moments.

“When I worked in the textile factory, I tried many methods to improve efficiency and yield,” Huang told the audience that she made a lot of effort in optimizing the work process, and later successfully doubled the efficiency to simultaneously operate 800 spindles alone. Inspired by Huang’s talent and endeavor, the spinners at the local factory produced nearly half of China’s cotton cloth in the 1950s, a manufacturing miracle by then. 

Moreover, Huang once had an opportunity to become a movie star, but she rejected. “Spinning is my specialty and life career,” she said.

Huang’s heartfelt narrations embody the dedication and relentless spirit of the older Chinese generation, and vividly represent the past decades of rapid development in the country, which have resonated deeply with many in the audience. “As long as my health permits, I will continue to try hard to inspire more people, especially the young ones, in ways that they like,” Huang told the Global Times.

Similarly, 75-year-old Hu Jun, another “Old Poplar” member, is also good at using relatable details to explain macro policies in methods that resonate with the public.

The “Old Poplar” program mainly targets residents of Shanghai’s downtown Yangpu district. When discussing China’s industrial restructuring, Hu used Yangpu as an example to illustrate how this cradle of modern Chinese industry has continuously adapted its industrial structure to keep pace with the times.

“Yangpu was once known as the ‘golden belt’ of industry. After China’s reform and opening-up in the late 1970s, it became the ‘Rust Belt.’ Now, through years of industrial upgrading, Yangpu has transformed into the ‘beautiful belt,’ evolving into a green and livable community,” said Hu.

Hu was an official in the Yangpu district government before retirement. He expressed his excitement and enthusiasm upon receiving the reply letter from Xi, saying it reflects the president’s great expectations for grassroots retired officials and his affirmation of Shanghai’s urban construction.

“Even though I am retired, I will continue to serve as a promoter and practitioner of constructing a people-oriented city.”

Both teachers and friends

The “Old Poplar” members have conducted more than 2,600 free lectures over the last five years. They not only do well in vividly explaining macro topics, but are also good at sharing relatable life experiences tailored to audiences of different ages, becoming both teachers and friends to local residents.

Li Peirong, 75, used to work in a local township-level subdistrict before retiring, from which she gained rich experience dealing with the elderly. Now as an “Old Poplar” member, Li’s lecturers are mainly for senior citizens, whom she teaches how to use electronics such as smartphones. “Most of my elderly audience members have learned how to use [smartphones],” she said.

Li also promotes knowledge about electronic fraud prevention in her lectures. “We want to help more elderly people bridge the digital divide, and enjoy the benefits of modern technology.”

She said that receiving the reply from Xi makes her very proud, and further appreciates the significance of what she and other “Old Poplar” members are doing. “I never feel old,” she told the Global Times. “Even in retirement, we can continue to harness the power of our ‘silver generation’ in contributing to society.”

For young audiences, the “Old Poplar” has also made many efforts to prepare its lectures.

As former chairman of the board of supervisors of a technological innovation enterprise, 64-year-old Xin Peihua now mainly engages with young people through the “Old Poplar” program, giving lectures at internet companies.

Xin said she usually keeps her lectures to about half an hour, considering that most young people have busy work schedules. During and after the lectures, she talks with the young employees about work-related stress and their anxieties regarding potential layoffs, much like a caring senior family member. “Now when they’re feeling confused, they sometimes come to me to share their concerns and seek advice,” Xin told the Global Times.

Xin also regularly talks with the new couples at Yangpu’s marriage registries, sharing with them experiences of getting along with spouses and in-laws, maintaining marriage, and building a happy family. These small talks are so popular, that some new couples from other districts choose to register their marriages at Yangpu, said Xin.

She said that receiving a reply from President Xi is a “supreme honor” to her. “I want to serve as a flourishing old poplar, contributing my strength to the joint effort of building a beautiful city for the people, and creating a happy and fulfilling life together.”

Attract the young

The “Old Poplar” program was established in 2020, following Xi’s inspection trip to Shanghai the previous year.

In November 2019, during his visit to the city, Xi proposed the concept that “the cities are built by the people and are for the people,” and has issued several important directives regarding the construction of a people-oriented city in Shanghai. 

During that visit, Xi met Huang and encouraged her to further share her experiences with the young people, to strengthen their confidence in the path, theory, system, and culture of socialism with Chinese characteristics.

Inspired by Xi’s words, Yangpu district established the “Old Poplar” program to share with the public the Party’s stories and promote the spirit of Shanghai city. The program has gathered over 300 retired senior citizens who are well-versed in theory, skilled in public speaking, and eager to contribute as volunteer lecturers, according to Deng Qing, head of the Bureau of Retired Veteran Cadres of the CPC Yangpu District Committee, which built the program.

To date, the “Old Poplar” has had a cumulative audience of more than 280,000. How to make young people interested in this format of lectures, and enjoy listening to the stories shared by these “grandpas” and “grandmas,” have been topics that the “Old Poplar” keeps considering.

To attract a Gen Z audience, the program has created accounts on popular video platforms like Bilibili, inviting its members to host livestream lectures. “A Huang lecture, for example, attracted 5,000 viewers during the live broadcast, with a total of over 50,000 views for the replay,” Deng told the Global Times.

The engaging and diverse lectures have been well received by the younger audience. Xu Yifan, a staffer at a Shanghai-based internet enterprise, said he has watched livestream and videos of “Old Poplar” lectures on Bilibili, and felt the deep love of the elderly lecturers for Shanghai and China.

“Their lectures convey knowledge but also power to us, strengthening our young generation’s aspirations for the future, and encouraging us to actively participate in the development of a people-oriented city,” Xu told the Global Times.

Cheng Yunuo is a fifth-grader at a primary school in Yangpu. She has attended many lectures held by the “Old Poplar” at her school. 

“The experiences and insights of the older generation have made me deeply realize that, as a Chinese teenager in the new era, I have a responsibility to study hard and continuously improve my knowledge and skills,” Cheng said.

https://www.globaltimes.cn/page/202411/1323005.shtml

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SOURCE Global Times

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Longsys Unveils New Products at Electronica Munich, PTM Business Model Drives Innovation in Automotive Storage

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MUNICH, Nov. 14, 2024 /PRNewswire/ — The much-anticipated Electronica Munich has officially opened. At this international event, Longsys(301308.SZ) launched a range of new products alongside its PTM (Product Technology Manufacturing) business model, with a focus on industrial and automotive storage solutions to meet the global demand for intelligent storage across various industries.

Global Expansion of Storage Solutions
International Debut of the PTM Business Model

Longsys introduced its innovative PTM business model for the first time to a global audience at this event. PTM provides high-end, flexible, and efficient full-stack custom services to empower the intelligent transformation of industries such as automotive and industrial sectors, breaking through the homogeneity of existing products.

Through a series of mergers and an extensive global presence, Longsys has established subsidiaries and branches across Europe, the Americas, and Asia. This forms an international service chain from R&D through to production and sales. Additionally, the company has developed a flexible, efficient, and cost-optimized global storage manufacturing supply chain network to cater to diverse custom demands. This network not only provides efficient localized support and services but also lays a solid foundation for PTM’s global implementation.

New Products Showcased

In Germany—a powerhouse of the automotive and industrial sectors—Longsys unveiled high-reliability industrial and automotive-grade products, including the xSPI NOR Flash and Automotive Grade 2 LPDDR4x. The Lexar brand showcased products like the JumpDrive dashcam USB and PCIe Gen5 SSD, covering a broader range of automotive consumer markets.

xSPI NOR Flash
In-house Chip, Expanding Automotive Storage, Multi-Form Factor Packaging, High Frequency, Large Capacity

To better meet customer storage demands, Longsys has strengthened its design capabilities in controllers and Flash chips, gaining a deeper understanding of underlying technologies and manufacturing processes. xSPI NOR Flash, a key component of its in-house Flash chip capabilities, enhances its automotive storage range and expands its technical service capabilities.

The xSPI NOR Flash employs advanced 4xnm technology with a single chip capacity of 256Mb and supports on-chip ECC for improved data reliability. It supports x1 and x8 interface modes, with a maximum clock frequency of 200MHz, reaching up to 3200Mbps data transfer in DTR mode. Compared to traditional SPI NOR Flash, it significantly accelerates code read speeds, reducing system boot-up and response times. Industrial-grade products support operating temperatures from -40°C to 85°C and -40°C to 105°C, while forthcoming automotive-grade versions will comply with Grade 2 standards for rigorous automotive storage requirements.

Additionally, Longsys launched a 1.8V 256Mb traditional SPI NOR Flash product, compatible with mainstream industry command sets and available in multiple packaging options, including WSON8, BGA24, and SOP16. This product supports x1, x2, and x4 interface modes with a maximum clock frequency of 166MHz, achieving up to 1328Mbps data transfer in DTR mode, providing customers with compatibility, flexibility, and performance.

Longsys’s xSPI NOR Flash and SPI NOR Flash products, with high capacity, speed, and reliability, are ideal storage solutions across automotive, communications, industrial control, personal computing, security, and wearable tech fields, offering high-performance, dependable storage support.

Automotive Grade 2 LPDDR4x
Automotive-grade DRAM Products, AEC-Q100, High and Low-Temperature Tolerance

The Automotive Grade 2 LPDDR4x supports capacities of 2GB, 4GB, 6GB, and 8GB, with transfer rates up to 4266Mbps and a broad operational temperature range of -40°C to 105°C. Equipped with internal ECC for enhanced data consistency, it meets high data reliability requirements essential for automotive products.

With VDDQ voltage as low as 0.6V and support for PASR (Partial Array Self-Refresh) to reduce power consumption, this product optimizes data transfer for automotive electronics, supporting energy efficiency and handling high workloads. It also incorporates ODT and DQS technologies for signal stability and anti-interference, enhancing data transmission and supporting automotive intelligence demands.

After successfully launching automotive-grade eMMC and UFS products, Longsys has introduced automotive-grade DRAM, creating a dual-drive layout in automotive storage solutions for global customers.

Notably, Longsys’s Automotive LPDDR4x received the Best-in-Show award from Embedded Computing Design during the event, the only automotive-grade DRAM product to earn this honor. This achievement not only recognizes Longsys’s exceptional R&D capabilities but also underscores the market potential and global appeal of its automotive storage products.

Click on this video to learn more.
https://www.youtube.com/watch?v=exDIJqSegTE

Lexar® JumpDrive® Dashcam USB
Compact, Durable, Convenient

With the push for intelligent automotive advancements, public interest in data security for in-vehicle devices is rising. The Lexar® JumpDrive® Dashcam USB, with its compact and reliable design, provides a professional in-vehicle storage solution. Offering capacities from 64GB to 256GB and read speeds up to 200MB/s, it features a compact, seamless design to securely fit vehicle interfaces without obstructing access. Even in extreme temperatures, it ensures data safety and integrity. The JumpDrive® Dashcam USB supports loop recording and sentry mode, compatible with various vehicle brands and designed specifically for dashcam applications. Awarded the Red Dot Design Award in 2024, it’s recognized for both performance and design, making it ideal for vehicle monitoring.

Enterprise Storage, New Technology
Accelerating AI Terminal Storage Innovation

With advancements in AI, technology companies are experiencing new growth in cloud services, intelligent driving, and streaming, leading to increased demand for high-capacity SSDs and DRAM in AI terminals. This year, Longsys launched a series of innovative storage products, including eSSDs, RDIMMs, CXL 2.0 memory expansion modules designed for AI servers, and a new LP-CAMM2 memory module tailored for AI PCs, addressing new storage needs in the AI era and exploring more possibilities in edge AI with global partners.

At Electronica Munich, Longsys engaged with experts and users worldwide to discuss the potential applications of storage technology in industrial and automotive intelligence, aiming to drive global intelligent transformation through its PTM business model and a dual-brand lineup of innovative products.

About Longsys

Longsys is a globally leading semiconductor memory brand founded in 1999. As an innovative memory solution manufacturer that integrates R&D, design, packaging and testing, manufacturing, and sales services, Longsys upholds the corporate vision of “Everything for memory.” With memory technology innovation at its core, Longsys provides high-end, flexible, and efficient full-stack customized services to global customers. For more information please visit https://www.longsys.com/, and follow Longsys on LinkedInFacebook and Twitter.

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Petnow Wins Korean-German Innovation Award, Aims Nordic Expansion at SLUSH 2024

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South Korean Pet ID Leader Recognized for AI Solutions, Eyes Partnerships in Finland

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — Petnow Inc., the South Korean provider of pet biometric identification and ‘PetWayHome’ location-based lost pet recovery service, announced that the company was chosen as the Honoree of the Innovation in Business Award. Held by the Korean-German Chamber of Commerce and Industry, the 10th KGCCI Innovation Awards is officially sponsored by the Korean Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups. Petnow was awarded for its efforts to pioneer the pet tech industry while pursuing public interests with its AI technology.

Founder and CEO of Petnow Inc., Dr. Jesse Lim, stated “We have been proving our competitiveness by winning the Fresh Ideas Contest at Interzoo 2024, while expanding our client base in Germany by participating in the Global Market Expansion Program assisted by Start2Group in Munich.”. He also highlighted that “We are also looking forward to connecting with potential partners, namely various city municipalities, pet insurers, and vet clinic software providers at the upcoming SLUSH event in Finland.”

Supported by Seoul Business Agency, Petnow will be participating in SLUSH and its community side event ‘K-Startup Demo Day with Vertical’ that will be held at Maria01 (Lars Sonck Venue) to pitch on Nov 18. Any pet industry players interested in connecting with Petnow in person are welcome to pre-register at the Lyyti website for participation.

About Petnow Inc.: Developed to provide an animal welfare-friendly pet identification measure, the Petnow app has been distributed in 19 countries located in Europe, Asia, and North America to recognize dogs by scanning their noses that are unique like fingerprints. It is also the first app to support cat facial recognition that can identify two kinds of most popular pet animals. Since winning the Best of Innovation at CES 2022, the company has been securing SuperZoo 2023 NPS Award and iF Design Award 2024. The company has been collaborating with insurers, government departments, and licensees globally to actively add its application utilizing the technology.

Photo – https://mma.prnewswire.com/media/2555222/PetNow.jpg

View original content:https://www.prnewswire.co.uk/news-releases/petnow-wins-korean-german-innovation-award-aims-nordic-expansion-at-slush-2024-302302722.html

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