Orascom Telecom said it rights issue was nearly fully subscribed, raising US$790m out of the planned US$800m.
The group said a secondary offering would be held from March 7 to March 10 to offer the 14.5 million shares that were not subscribed. These…
Orascom Telecom said it rights issue was nearly fully subscribed, raising US$790m out of the planned US$800m.
The group said a secondary offering would be held from March 7 to March 10 to offer the 14.5 million shares that were not subscribed. These include ordinary shares and GDRs, representing 0.33% of the total offering.
The transaction offered shareholders a new share for every existing share at E£1 each. If fully subscribed, it would take the group’s debt-to-EBITDA ratio to less than 2x, from 2.4x based on 2008 results.
The group had long-term and short-term loans totalling respectively US$5.2bn and US$530m by the end of 2008, with an EBITDA of US$2.38bn.
BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Suisse and EFG Hermes are advising on the transaction.