Trilogy International Partners Inc. Announces Foreign Currency Contract

BELLEVUE, WA /ACCESSWIRE/March 17, 2022 / Trilogy International Partners Inc. (“TIP Inc.” or “Company”) (TSX:TRL), an international fixed and wireless broadband telecommunications operator, today announced that following the extraordinary meeting of shareholders on March 15, 2022 , the Company quickly entered into a foreign exchange contract with a leading global financial institution to mitigate the volatility associated with potential fluctuations of the New Zealand dollar against the US dollar.

As disclosed in the management information circular filed on February 11, 2022, the company expects to receive proceeds of approximately NZ$930 million, including funds to be held, in connection with the sale. of its shares in its New Zealand subsidiary, Two Degrees Group Limited (“2degrees”), and expects to use this proceeds quickly to extinguish approximately US$450 million of US dollar-denominated debt securities. The foreign exchange contract guarantees an exchange rate for the New Zealand dollar based on a sliding scale which includes a rate of 0.6677 on the long stop date of June 30, 2022 for US$450 million (NZ$674 million). -Zealand) on proceeds estimated at NZ$930 million. . The exchange rate was set taking into account a conditional feature of the agreement, so that if the 2 degree sell transaction does not close, the hedging contract will expire and terminate. The remaining unhedged portion of the New Zealand dollar proceeds expected from the sale will continue to be subject to market volatility.

TIP Inc. previously announced in December 2021 that it had entered into a definitive agreement to sell 100% of its equity in 2degrees to Voyage Digital (NZ) Limited (“Voyage”). TIP Inc. holds 73.17% of the capital of 2degrees. The shareholders of the Company approved the sale of the stakes in 2degrees as well as a capital reduction and a capital repayment on March 15, 2022. The Commerce Commission of New Zealand has approved the transaction with Voyage. The transaction remains subject to regulatory approvals from the New Zealand Overseas Investment Office and the New Zealand Government Communications Security Bureau.

The Company continues to expect closing to occur during the second quarter of 2022.

TIP Inc. and 2degrees are advised by Montarne and Macquarie Asset Management, Aware Super and Vocus Group are advised by UBS.

OnTrilogy International Partners Inc.

TIP Inc. is the parent company of Trilogy International Partners LLC, a fixed broadband and wireless telecommunications operator formed by wireless industry veterans John Stanton, Theresa Gillespie and Brad Horwitz.

TIP Inc. currently provides wireless and fixed broadband communications services through its operating subsidiaries in New Zealand and Bolivia. Its head office is located at 155 108th Avenue NE, Suite 400, Bellevue, Washington, 98004 USA.

For more information, visit www.trilogy-international.com.

Warnings

This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada and “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 of the United States of America. Forward-looking information and forward-looking statements include, but are not limited to, statements regarding the closing of the Voyage transaction, the timing thereof and the anticipated size and use of proceeds thereof. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “estimate”, “plan”, “target”, “expect” or “do not expect”, ” an opportunity exists”, “prospect”, “outlook”, “strategy”, “intends”, “believes”, or variations of such words and expressions or statements as certain actions, events or results “could”, ” may”, “could”, “will”, “will be taken”, “will occur” or “will be carried out”. In addition, any statements referring to expectations, intentions, estimates, projections or other characterizations of future events or circumstances contains forward-looking information and statements.

Forward-looking information and statements are provided for the purpose of helping readers understand management’s current expectations and plans regarding the future. Readers are cautioned that such information and statements may not be appropriate for other purposes. The forward-looking information and statements contained in this press release are based on our opinions, estimates and assumptions in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors that we currently deem appropriate and reasonable in the circumstances. These opinions, estimates and assumptions include, but are not limited to: the conditions to closing of the transaction described above will be satisfied, including any necessary regulatory approvals; and changes in government regulations. Despite a careful process of preparing and reviewing forward-looking information and statements, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct.

Numerous risks and uncertainties, some of which may be unknown, associated with TIP Inc.’s business could cause actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied by the forward-looking information and statements. Among these risks and uncertainties are those related to the risk that the conditions for carrying out the Travel transaction will not be met or that the Travel transaction will not be completed within the expected timeframe; an event, change or other circumstance which may give rise to the termination of the Travel transaction will occur; receipt of required regulatory approvals; the risks associated with any potential acquisition, investment or merger; the need for spectrum access; the regulated nature of the industry in which TIP Inc. participates; the use of “conflict minerals” and its effect on the availability of certain products, including telephones; anti-corruption compliance; intense competition; lack of control over network termination, roaming and international long distance revenues; rapid technological change and associated costs; dependence on equipment suppliers; subscriber “churn” risks, including those associated with prepaid accounts; the need to maintain relationships with distributors; the future growth of TIP Inc. depends on innovation and the development of new products; security threats and other physical disruptions of TIP Inc.’s wireless networks; TIP Inc.’s ability to protect subscriber information and cybersecurity risks generally; health risks associated with handsets; litigation, including class actions and regulatory matters; fraud, including device financing, customer credit card, subscription and dealer fraud; reliance on limited management resources; risks associated with minority shareholders of TIP Inc. subsidiaries; general economic risks; natural disasters, including earthquakes and public health crises such as the COVID-19 pandemic; changes in exchange rates and interest rates; currency control; interest rate risk; and risks associated with new laws and regulations.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information and statements contained in this press release, there may be other risk factors that we do not not currently known or that we currently believe to be immaterial which could also cause actual results or future events to differ materially from those expressed in the forward-looking information in this press release. Please review our continuous disclosure filings available under TIP Inc.’s profile at www.sedar.com and at www.sec.gov for information about risks and uncertainties associated with our business.

Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this press release represent our expectations as of the date of this press release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. .

Investor Relations Contact Information

Anne Saxton
425-458-5900
[email protected]
Vice President, Investor Relations and Corporate Development

Erik Mickels
425-458-5900
[email protected]
Senior Vice President, Chief Financial Officer

Trilogy media contact

Anne Saxton
425-458-5900
[email protected]
Vice President, Investor Relations and Corporate Development

THE SOURCE: Trilogy International Partners Inc.

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