MTN Investments settles part of Eurobond notes a year early
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.
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