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Digicel secures 98% bondholder acceptance on swap deal

Digicel is reporting that nearly 98 per cent of  creditors holding US$3 billion of  its bonds have taken up an offer to postpone getting their money back.
 
Following four months of  negotiations with bondholders in what credit ratings agency Moody's described as a distressed exchange offer, Digicel said as at December 19, 96 per cent of  holders of  Digicel bonds due in October 2022 elected to swap their notes for securities that will mature in 2022.
 
Three days later, Digicel revealed that 95.4 per cent of  the owners of  US$1 billion of  Digicel bonds due in 2022 had been persuaded to exchange their holdings for 2024 bonds.
 
In an update statement yesterday, Digicel said final take-up across both offers had risen to 97.9 per cent by the time the offer expired on January 9.
 
Digicel is saddled with about US$6.7 billion of  debt.


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