London and Lagos, 8 July 2022: Further to our announcement of 22 June 2022, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms the settlement of the previously announced cash tender offer to redeem up to $450m of the $1 billion of 5.35% Guaranteed Senior Notes due 2024 (‘Notes’) by its subsidiary Bharti Airtel International (Netherlands) B.V. (‘BAIN’).
An aggregate principal amount of $450m of Notes have 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, 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.