Digicel, the Caribbean-focused telco, has said its upcoming IPO will price between US$13 and US$16 per share, raising up to US$2.28bn on the New York Stock Exchange.
Digicel, the Caribbean-focused telco, has said its upcoming IPO will price between US$13 and US$16 per share, raising up to US$2.28bn on the New York Stock Exchange.
The Bermuda-based company plans to sell 124.1 million Class A shares, plus another 18.6 million shares in a greenshoe option, it explained in an SEC filing today.
Founder and chairman Denis O’Brien will own all Class B shares and hold 94% of the voting power of the issued and outstanding share capital.
The company said that it would spend some US$1.3bn of net proceeds on repaying debt [which totals US$6.5bn]. It noted that Digicel Group, Digicel Limited senior notes, and a Murabaha facility relating to Myanmar could only be repaid early with a premium, while all other debt did not have any such premium attached.
JP Morgan, UBS and Citigroup are managing the IPO, alongside joint bookrunners Barclays, Credit Suisse and Deutsche Bank, with Davy as lead manager.
In FY 2014, the company recorded revenue of US$2.79bn, and an adjusted EBITDA of US$1.18bn.
Digicel serves 13.6 million mobile subscribers in 31 markets across the Caribbean and South Pacific. It claims to be the number one player in 21 of those markets, and says it has a market share of over 50% in 20 markets. The company now provides cable TV and broadband services to residential customers in nine markets, and is in the process of rolling out FTTH in Jamaica, Trinidad & Tobago and Barbados.