Airtel Redeems $1 Billion Outstanding Senior Notes
Airtel Africa Plc has said that its subsidiary, Bharti Airtel International Netherlands B.V. (BAIN), would launch a cash tender offer to redeem part of its $1 billion Guaranteed Senior Notes due 2024.
The company disclosed this in a statement, explaining that BAIN would redeem up to $300 million of the Notes, which represents 5.35 per cent, after close of market on June 21 by United Kingdom time.
It stated, “If Noteholders wish to tender their Notes for preferential early tender consideration, the tender offer will expire on 19 July 2022, unless amended or extended by BAIN at its sole discretion.”
According to Airtel Africa, all Notes accepted for purchase will be cancelled before their maturity date of May 20, 2024.
The telecommunications and mobile money services giant noting that BAIN reserves the right, in its sole discretion, to amend or waive any of the tender offer’s terms.
The company hinted that the early redemption would be made from the Group’s cash reserves, aligning with Airtel Africa’s ongoing efforts to reduce Group external foreign currency debt.
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