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Digicel targets US$2 billion in IPO

Published:Tuesday | September 22, 2015 | 8:34 AM

Digicel Group is seeking to raise US$2 billion through its initial public offering on the New York Stock Exchange (NYSE).

The telecommunications firm says it expects the shares on offer to be priced at between US$13 to US$16, and it is registering enough shares – 143 million Class A common shares – to raise up to US$2.3 billion.

Between US$1.2 billion and US$1.3 billion of the net proceeds is earmarked for repayment of debt, although Digicel has not yet determined which specific tranches of debt will be repaid.

The IPO will also see the issuing of 193 million Class B common shares to the firm’s founder and chairman Denis O’Brien. This will represent approximately 94 per cent of the voting power of the company following the offering.

business@gleanerjm.com