Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.
Digicel Group, the fastest-growing mobile telecommunications company in the Caribbean, today announced it has raised US$150 million in capital
August 3, 2006
KINGSTON, Jamaica -- Digicel Group, the fastest-growing mobile telecommunications company in the Caribbean, today announced it has raised US$150 million in capital through a corporate bond offering to further support its continued growth strategy and rapid expansion efforts in key markets of Trinidad & Tobago and Haiti. Led by investment banks Citigroup and J.P. Morgan Chase, the bond financing priced at a yield of 8.625% and represents continued confidence from the investment community following the inaugural US$300 million bond offering initiated last July.
Since launching in Trinidad & Tobago and Haiti, Digicel has quickly gained market share in both countries and mobile customers have embraced the company's innovative mobile technology and accessible telecommunications services. In Haiti, a country with a population of 8.5 million and combined fixed and cellular penetration of 5.7%, Digicel has brought an unprecedented inward investment of US$130 million to the developing nation.
"We will continue to aggressively expand our services in Trinidad & Tobago and Haiti, as we have seen tremendous acceptance by our mobile customers in these markets which, in turn, has led us to significantly increase our investment in both of these countries. We are delighted that, yet again, the international investment community has demonstrated its strong confidence in our growth strategy and current expansion efforts," said Colm Delves, Digicel Group CEO.
In conjunction with the successful high yield initiative and as a result of the continued confidence of the international financing community in the company's dynamic business strategy, Digicel has further enhanced the terms of its US$600 million debt facility.
"The market has spoken and again we've seen unprecedented demand, as when we led Digicel's inaugural bond in 2005," said Blake Haider, Director, Latin & Caribbean Debt Capital Markets at Citigroup. "Citigroup is proud to have a long-standing relationship with this world-class management team, and the company's substantial growth, new market penetration, and operational and marketing expertise have all been attractive to potential investors since its inception."
"We are pleased to continue our relationship with the Digicel Group and we believe that the company's technology and solid performance have had a significant impact on customers throughout the Caribbean," said James Seagrave of JP Morgan. "We look forward to seeing Digicel further its global expansion efforts in key markets."
You May Also Like
Rethinking AIOPs — It's All About the DataMar 12, 2024
SCTE® LiveLearning for Professionals Webinar™ Series: Fiddling with Fixed WirelessMar 21, 2024
SCTE® LiveLearning for Professionals Webinar™ Series: Cable and 5G: The Odd Couple?Apr 18, 2024
SCTE® LiveLearning for Professionals Webinar™ Series: Delivering the DAA DifferenceMay 16, 2024