Digicel Goes Large in Refi Effort

Sep 6, 2012

Digicel has raised $1.5bn in new 2020 NC4 bonds, raising funds for a liability management operation targeting two series of outstanding 2015 bonds. In a continuing demonstration of demand for high-yield credit in the region, the final size represents an increase from the $700m that the Jamaica-based telecom had announced early Wednesday morning, and covers the outstanding size of the two series to be replaced. The bond priced at par with an 8.25% coupon to yield at the tight end...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management