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TMCNet:  Cell C extends the maturity of overseas debt

[August 08, 2014]

Cell C extends the maturity of overseas debt

(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 08 August 2014 Release date- 25072014 - South African mobile operator Cell C said on Thursday it would extend the maturity date of Euro 160 million of senior debt.

As a part of the transaction, Cell C has offered to buy back debt from any bond holder who does not wish to extend. The expected extension is further confirmation of the confidence that funders have in the future of Cell C and will enable Cell C to continue to invest heavily in its network infrastructure in support of its business plan.

'The extension will allow Cell C to channel equity and cash generated in the business to increase its capacity to continue to grow the company,' said Jose Dos Santos, Cell C CEO.

Cell C also reported Year-on-Year service revenue growth of 10.5% for Quarter 2 2014 driven by reported subscriber growth of 59% to 18.1m at 30 June 2014.

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