Denis O’Brien’s Digicel mobile network is extending the deadline for consents to proposed changes to bonds due for repayment in 2024.
The company, which operates mobile networks in several regions, including the Caribbean, is moving to cut its overall debt from around $7 billion to $5.4 billion.
Digicel announced on Monday that it was extending the expiry date for bond holders to consent to changes to the agreements governing senior bonds that the company is due to repay in 2024 and which have an interest rate of 8.75 per cent.
The company’s consent solicitation will expire at 5.00pm, New York time, on June 19th. It was originally 5.00pm, New York time, June 5th.
Those changes will increase Digicel’s liabilities by $100 million, but the company stresses that this will not affect its efforts to cut its overall $7 billion debt by $1.6 billion.
