Digicel eyes completion of its debt reduction process

By Rebecca Melvin

New York, June 18 – Digicel Group One Ltd.’s debt refinancing plan has become effective, concluding the last significant step in the company’s comprehensive debt reduction process announced on April 1, the company said in a release on Thursday.

The company expects the overall debt reduction process to be completed next week, following the consummation of previously announced offers to exchange existing debt of Digicel Group Two Ltd. for various new securities.

As previously reported, Digicel Group Two extended the expiration date for its exchange offer and related consent solicitations to 11:59 p.m. ET on June 23.

At that time, Digicel will have reduced its debt level by $1.6 billion to about $5.4 billion, reducing annual cash interest costs by about $125 million and extended its debt maturity profile.

Epiq Corporate Restructuring, LLC (tabulation@epiqglobal.com, 646 282-2500 for banks and brokers and 866 897-6433 or 646 282-2500 for all others) is the information and tabulation agent for all of the tender offers and consent solicitations.

Based in Kingston, Jamaica, Digicel is a telecommunications and entertainment provider with operations in the Caribbean, Central America and Asia Pacific.

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