Telesystem International Wireless Completes Exchange Offer

Telesystem International Wireless Inc. (TIW) completed the issuance of approximately US$195 million of its new 14 per cent senior guaranteed notes due December 2003 in exchange for its previously outstanding Series B 13-1/4 per cent senior discount notes due June 2007 and Series C 10-1/2 per cent senior discount notes due November 2001. The new 14 per cent notes were issued pursuant to private placement exemptions, primarily in the U.S. and Canada. The issuance was completed on September 18, 2001.

TIW was represented by in-house counsel, Helene Hallak and Gregoire Baillargeon, who were assisted, with respect to U.S. legal matters, by David Falck, Ronald Fleming and Douglas Ray of Pillsbury Winthrop LLP in New York and, with respect to Canadian legal matters, by Fasken Martineau DuMoulin LLP’s Gilles Leclerc in Montreal and Philippe David in New York.

UBS Warburg LLC, in its capacity as dealer/manager and solicitation agent, was represented by Lisa Jacobs and Adam Freiman of Shearman & Sterling in New York.