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Digicel's riskiest new bonds trading at 50 per cent discount

The Irish Times is reporting that the riskiest new bonds Digicel has issued under a massive debt restructuring have started trading at a 50 per cent discount this week.
 
Following four months of negotiations, Digicel said last week that almost 98 per cent of the holders of $2 billion of bonds due for repayment in 2020, had agreed to postpone getting their money back from the debt-laden group, by swapping their holdings for notes that will mature in 2022.
 
The same proportion of investors in a separate $1 billion of existing 2022 debt were persuaded to exchange their notes for ones that will be redeemed in 2024.
 
The 2024 bonds started trading this week at 48 cents on the dollar, while the lower-ranked 2022 notes were changing hands at a 50 per cent discount to their par value.


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