https://www.engineeringnews.co.za
Aggregate
Aggregate
aggregate

MTN Investments settles part of Eurobond notes a year early

17th November 2023

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE-listed telecommunications group MTN company MTN Investments has received valid tenders of $353.1-million for the purchase on November 16 in a cash tender offer for notes that are due on November 11, 2024.

The cash tender offer, which was initially targeted at $750-million to eligible noteholders, aligns with the company’s capital allocation framework to deleverage non-rand debt faster. A remaining $450-million remains outstanding and is targeted for redemption.

The early settlement of non-rand debt significantly enhances the profile and flexibility of the group’s holding company’s balance sheet and reduces exposure to foreign exchange volatility.

Factoring in the early settlement, MTN’s pro-forma holding company leverage as at September 30 will remain largely unchanged at 1.5 times. However, the ratio of non-rand to rand-denominated debt would improve to 24:76, compared with a ratio of 37:63 as at September 30, following the offer settlement.

After settlement of the offer, just under $97-million in aggregate of the November 2024 expiry Eurobond notes will remain outstanding.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 03 May 2024
Magazine round up | 03 May 2024
3rd May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.388 0.436s - 138pq - 2rq
Subscribe Now