MTN makes an early settlement of $300 million in Eurobonds.
Photo Gallo Images/Fani Mahuntsi
Africa’s largest mobile operator, MTN, has announced the early settlement of $300 million of its dollar-denominated obligations, as part of a strategy to reduce its non-rand debt, which has now fallen to 35% of the group total.
In late August, MTN invited eligible holders of its $750 million Eurobond maturing in November 2024 to present their notes for purchase by the company in cash.
The offer had attracted bids of more than $482 million, above the maximum of $250 million set by the mobile operator.
As a result, MTN has raised the final acceptance amount to $300 million, which will be paid on September 6. The payment will be funded from available cash balances and will reduce the non-rand debt ratio by 42% at the end of June.
MTN shares opened at R126.00 before falling almost 1% R125.40
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