By Tolulope Oke
Airtel Africa, has confirmed the settlement of the previously announced cash tender offer by its subsidiary Bharti Airtel International (Netherlands) B.V. (‘BAIN’).
The leading provider of telecommunications and mobile money services with a presence in 14 African countries, revealed in a statement signed by the Group Company Secretary, Simon O’Hara that the cash tender redeemed up to $450 million of the $1 billion of 5.35 percent Guaranteed Senior Notes due 2024 (‘Notes’).
An aggregate principal amount of $450m of Notes have been accepted for purchase for a total of
$462.6m. All Notes accepted for purchase have been cancelled ahead of their maturity in May 2024.
The original cap on the redemption of $300m, as mentioned in the release of 22 June, was increased
on 6 July 2022 as BAIN, in its sole discretion, decided to achieve a larger debt reduction through the
use of cash resources.
This early redemption has been made out of the Group’s cash reserves and is in line with our strategy of reduction of external foreign currency debt at the Group level.
Cami Ezenwa is a Writer, Editor, Publicist, Biographer and Journalism Trainer
He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television to mention some.
His ongoing Corporate Communications Master Class training series equips learners with credible hands-on skills for effective Media Relations, Public Communications & Corporate Affairs amongst others.
He can be contacted via 09165809519 or 08180335778.