Digicel Limited, parent company of Jamaica’s mobile telephone market leader, said it has successfully raised US$250 million (J$21 billion) from the private placement of an eight year corporate bond.
The proceeds will be used to fund potential acquisitions, future capital expenditure and debt servicing.
The bonds were priced to yield 7 per cent, PRNewswire reported today.
Colm Delves, Digicel Group chief executive, said the transaction was well supported by international financiers, attracting more than US$2.3 billion in orders from more than 160 different accounts.
“The funds will leave us in a strong position to expand our business further as we look into acquisition opportunities," added Delves.
Digicel Limited is a leading emerging markets mobile phone operator, providing services in 24 markets in the Caribbean and Central America, with 9 million subscribers at September 30, 2011.
Digicel also holds a 44 per cent stake in Digicel Holdings (Central America) Limited and parent company Digicel Group Limited operates in an additional six markets in the South Pacific.
Citi, J.P. Morgan, Credit Suisse, Barclays Capital and Deutsche Bank acted as initial purchasers in the bond offering.