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Batelco completes bond repurchase tender offer

Manama, April 2, 2014

Batelco Group, the leading telecommunications group with operations across 14 countries, has announced the successful completion of a tender offer of up to $200 million to repurchase a portion of the guaranteed notes due in 2020.

The guaranteed notes were issued by Batelco International Finance No.1 Limited.  

The transaction, led by Citigroup and Standard Chartered Bank, was launched on March 24 through an invitation to holders of the Notes to submit offers for sale to Batelco for cash,  said the company in its statement.

As on March 31, after the expiry of the tender, Batelco said an aggregate principle amount of Notes equal to $136 million had been tendered.

Batelco has accepted for purchase an aggregate principal amount of $131.4 million of the Notes at a purchase price of $1,000 per $1,000 principal amount. All Notes validly tendered at or below the purchase price have been accepted in full and will be cancelled, the company statement said.

Batelco will also pay accrued interest on the Notes accepted for purchase and settlement is expected to occur on April 4, 2014.
 
This important transaction has given Batelco an opportunity to deploy excess liquidity in managing debt levels and realizing future interest savings and demonstrates the Group’s commitment and focus on maintaining our financial discipline, the statement added.-TradeArabia News Service
 




Tags: Batelco | tender | bond |

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