May 22, 2020
Caribbean telecommunications company Digicel has called off a proposed bond swap for 2023 notes, although it agreed to exchange 99.5% of 2021 notes for new bonds that mature between 2024 and 2026.
Digicel will distribute $1.2 billion in new notes to replace $1.29 billion in 2021s, but it is stuck with $925 million in outstanding 2023 notes. It had offered to exchange the 2023s for $879 million in 8% 2027 bonds as part of a larger restructuring, the company said in a statement on Thursday.
Jamaica-based telecom also agrees to distribute $1.2 bln in new notes to replace its 6% 2021 bonds