Photo by: Duane Daws
Telecoms giant Cell C has completed the issuance of €240-million of new first-priority senior secured notes, supplementing the €160-million in notes already in issuance and taking the total amount in issuance to €400-million.
The proceeds would be used to fund the company’s capital expenditure and cash requirements to deliver on its business strategy.
The new euro notes had an identical maturity date of July 2018, and 8.62% coupon as the existing euro issuance.
The original principal amount sought was upsized as a result of strong investor appetite and, despite this increase, was still oversubscribed.
“I am delighted that we have closed such a significant public debt issuance. This is a further sign of the tremendous confidence our bond investors have in our strategy, which has been underpinned by a strong turnaround in the company’s performance over the past 18 months.
“This issuance also reflects the company’s excellent record of servicing its debt obligations,” said CEO Jose Dos Santos.