The Irish Times is reporting that Digicel Group will not have to pay interest for a 30-day period on its US$2.9 billion debt in the wake of the coronavirus pandemic.
In a statement, Digicel said it elected to take advantage of the grace period permitted under agreements with debt holders and would defer making the interest payments on three tranches of its bonds.
Interest was due Monday on two of the bonds with the third due on April 1.
The move is seen as a response to the impact of Covid-19 on Digicel's businesses and its desire to preserve liquidity.
The company said the move arose from its ongoing discussions with some of its largest debt-holders at a time when it is in talks on refinancing some of its debts.
Digicel has total debt of US$6.9 billion.
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