Digicel extends note offer to December 17th

Move signifies determination of Caribbean telecoms group to get creditors to sign up

Digicel, the Caribbean telecoms group controlled by Denis O’Brien, has extended the early sign-up deadline for its offer to buy back a tranche of bonds. Photograph:  Ken Cedeno/ Digital/ Corbis via Getty Images

Digicel, the Caribbean telecoms group controlled by Denis O’Brien, has extended the early sign-up deadline for its offer to buy back a tranche of bonds. Photograph: Ken Cedeno/ Digital/ Corbis via Getty Images

 

Digicel, the Caribbean telecoms group controlled by Denis O’Brien, has extended the early sign-up deadline for its offer to buy back a tranche of bonds issued by the company.

The early sign-up deadline now broadly coincides with the final deadline for the offer, signifying the telco’s determination to get creditors to sign up for its offer.

Digicel has extended to just before midnight on December 17th the deadline for holders of notes with a 7 per cent coupon to sign up for the buyback deal. Under the proposed transaction, Digicel note holders will receive at least between $200 and $240 for each $1,000 they hold of 7 per cent notes. The final price to creditors will also include a $30 per $1,000 payment for early sign up.

The note buyback is part of an overall effort by the company to reduce its debt pile, which previously stood at almost $6 billion.