Dig­i­cel amends bond­holder of­fer as it seeks to change ma­tu­rity date

The Irish Times - Business - - BUSINESS NEWS -

Dig­i­cel has amended its of­fer to bond­hold­ers as it seeks to per­suade them to swap notes for debt with a later ma­tu­rity. De­nis O’Brien’s tele­coms com­pany, which has $6.7 bil­lion of debt, said in Au­gust it was look­ing for in­vestors hold­ing $2 bil­lion of bonds due in 2020 to swap their notes for sim­i­lar se­cu­ri­ties that would be due two years later. The group also wants hold­ers of $1 bil­lion of debt that ma­tures in 2022 to ex­change their bonds for new 2024 notes.

The of­fer will see hold­ers of 2020 debt po­ten­tially swap their bonds for se­nior se­cured debt, with about $580 mil­lion out of the $2 bil­lion avail­able. Dig­i­cel is of­fer­ing a higher rank­ing for the re­main­ing debt, plac­ing the notes above the bonds that are not be­ing ex­changed. The later dated debt will have a 2 per cent up­lift over the orig­i­nal of­fer.

De­nis O’Brien’s com­pany has $6.7 bil­lion of debt

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.