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.