Dig­i­cel sees 98% take-up of bond swap

The Irish Times - Business - - BUSINESS NEWS - JOE BREN­NAN

Dig­i­cel has said that al­most 98 per cent of cred­i­tors hold­ing $3 bil­lion (€2.6 bil­lion) of bonds in busi­ness­man De­nis O’Brien’s highly in­debted tele­coms group have taken up an of­fer to post­pone get­ting their money back.

Fol­low­ing four months of ne­go­ti­a­tions with bond­hold­ers on what credit ratings agency Moody’s de­scribed as a “dis­tressed ex­change of­fer”, Dig­i­cel said on De­cem­ber 19th that 96.6 per cent of hold­ers of $2 bil­lion of bonds due in Oc­to­ber 2022 elected to swap their notes for se­cu­ri­ties that will ma­ture in 2022.

Three days later, the com­pany re­vealed that 95.4 per cent of the own­ers of $1 bil­lion of Dig­i­cel bonds due in 2022 had been per­suaded to ex­change their hold­ings for new 2024 bonds.

In an up­date state­ment is­sued yes­ter­day, Dig­i­cel said that fi­nal take-up across both of­fers had risen to 97.9 per cent by the time the of­fer ex­pired on Jan­uary 9th.

Mr O’Brien, who founded the tele­coms group in 2001 and re­mains its chair­man, stepped in as in­terim chief ex­ec­u­tive last month af­ter the sud­den death over of Alex Ma­tuschka von Greif­f­en­clau (47), who had joined Dig­i­cel as CEO last Fe­bru­ary.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.