BY BAMIDELE FAMOOFO
Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has confirmed the settlement of the previously announced cash tender offer to redeem up to $450m of the $1 billion of 5.35 percent Guaranteed Senior Notes due 2024 (‘Notes’) by its subsidiary Bharti Airtel International (Netherlands) B.V. (‘BAIN’).
Simon O’Hara, Group Company Secretary of Airtel Africa Plc, said: “An aggregate principal amount of $450m of Notes has been accepted for purchase for a total of $462.6m. All Notes accepted for purchase have been cancelled ahead of their maturity in May 2024.”
The original cap on the redemption of $300m, as mentioned in the release of 22 June by Airtel, was increased on 6 July 2022 as BAIN, in its sole discretion, decided to achieve a larger debt reduction through the use of cash resources. This early redemption has been made out of the Group’s cash reserves and is in line with our strategy of reduction of external foreign currency debt at Group level.
