Jamaica-based Digicel Group has upsized its latest high-yield offering of 7.125% senior notes due 2022 to US$1bn.
The operator added that it had priced the eight-year paper, initially designed to raise US$865m, without disclosing further…
Jamaica-based Digicel Group has upsized its latest high-yield offering of 7.125% senior notes due 2022 to US$1bn.
The operator added that it had priced the eight-year paper, initially designed to raise US$865m, without disclosing further details.
Digicel will use the proceeds to redeem its US$725m 10.5% junk bond due 2018, which it issued in 2010 to acquire then-sister company Digicel Pacific.
That high-yield offering allowed Digicel to consolidate the stand-alone Pacific business for US$825m almost four years ago.
It said it could use the remaining proceeds for capex, investments, acquisitions or debt repayment.
In a ratings report yesterday Moody’s rated the notes Caa1.
Digicel did not disclose the banks working on the latest junk offering, although Citigroup is managing the tender offer for the 2018 paper.
Digicel has over 13 million customers across its 31 markets in the Caribbean, Central America and Asia-Pacific.
