Digicel to raise US$865 million (JA$94.3 Billion) in private placement .....Digicel operates in 30 markets throughout the Caribbean, El Salvador and the South Pacific

BY STEVEN JACKSON  Friday, March 21, 2014 

THE Digicel Group intends to raise US$865 million ($94.3 b) in a private placement for financing and working capital purposes, the company indicated.

Its the latest bond issue from the telecom company headquartered in Ireland seeking to branch out into Burma, otherwise known as Myanmar.

"Digicel intends to use the net proceeds from this offering to repurchase any and all of Digicel's 10.50 per cent senior notes due 2018 in a concurrent tender offer and the related consent solicitation, pay any related fees and expenses, including applicable tender premiums and accrued interest on the 10.50 per cent senior notes, and redeem the 10.50 per cent senior notes, if any, that remain outstanding after the completion of the tender offer and use any remaining net proceeds for general corporate purposes, which could include capital expenditures, investments, acquisitions or debt repayment," stated Digicel in a statement obtained by Caribbean Business Report.

Antonia Graham head of group communications told Caribbean Business Report that the bond was issued on Wednesday.

"As such, I am not able to provide any further comment at this point," she added.

Digicel will again avoid raising funds in the US which will apparently require the disclosure of financials for the private company incorporated in Bermuda and owned by Irish investor Denis O'Brien. Digicel, which operates in 30 markets throughout the Caribbean, El Salvador and the South Pacific. more