SANTIAGO, Chile, Dec. 2 /PRNewswire-FirstCall/ -- Compania de
Telecomunicaciones de Chile S.A. ("Telefonica CTC Chile" or the "Company")
(NYSE: CTC) today announced the acceptance of tenders in the Maximum Tender
Offer for up to $73,613,000 of the outstanding principal amount of its 7.625%
Notes due 2006 and its 8.375% Notes due 2006 made pursuant to an Offer to
Purchase dated October 29, 2004, which expired at 5:00 p.m. EST on December 1,
2004.  The Company has accepted $55,255,000 in total aggregate principal
amount divided as follows: $11,695,000 principal amount of its 7.625% Notes
due 2006, representing 19% of the $61,298,000 principal amount outstanding of
the 7.625% Notes due 2006 and $43,560,000 in principal amount of its 8.375%
Notes due 2006, representing 22% of the $200,000,000 principal amount
outstanding of its 8.375% Notes due 2006.  The settlement date for the Maximum
Tender Offer is currently expected to be Friday, December 3, 2004.
    Telefonica CTC Chile has retained Citigroup Global Markets Inc. to serve
as dealer manager, and Global Bondholder Services Corporation to serve as the
depositary agent and information agent for the tender offer.
    Requests for documents may be directed to Global Bondholder Services
Corporation by telephone at (866) 470-4300 or (212) 430-3774 or in writing at
65 Broadway - Suite 704, New York, NY, 10006.  Questions regarding the tender
offer may be directed to Citigroup Global Markets Inc. at (800) 558-3745.
    The press release is not a tender offer to purchase or a solicitation of
acceptance of the tender offer, which may be made only pursuant to the terms
of the Offer to Purchase.  In any jurisdiction where the laws require the
tender offer to be made by a licensed broker or dealer, the tender offer will
be deemed made on behalf of the Company by Citigroup Global Markets Inc., or
one or more registered brokers or dealers under the laws of such jurisdiction.
    Compania de Telecomunicaciones de Chile S.A., the first South American
company to list shares on the New York Stock Exchange, is the largest
telecommunications enterprise in Chile, providing local service, as well as
domestic and international long distance services throughout the country.
Additionally, the Company is the leading corporate data transmission and
broadband service provider in Chile, and provides equipment marketing and
value-added services, among others.
    This news release contains certain forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of 1996,
including but not limited to Compania de Telecomunicaciones de Chile S.A.'s
expectations for its performance for the period.  Forward looking statements
may also be identified by words such as "believes", "expects", "anticipates",
"projects", "intends", "should", "seeks", "estimates", "future", or similar
expressions.  The forward-looking statements included in this news release are
based on current expectations, but actual results may differ materially from
anticipated future results due to various factors many of which are beyond the
control of Compania de Telecomunicaciones de Chile S.A. and its subsidiaries.
Certain factors which could cause the actual results of Compania de
Telecomunicaciones de Chile S.A. and its subsidiaries to differ materially
from the expected results include, among others changes in Chile's regulatory
framework, impact of increased competition and other factors beyond Compania
de Telecomunicaciones de Chile S.A.'s control.

Link to this page: