Cell C postpones euro bond pay back

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Cell C, the third-biggest cellular operator in South Africa, plans to postpone the repayment of e160 million (R2 billion) of debt for three years to invest in infrastructure and improve customer service. The 8.625 percent euro bond notes would be extended to July 1, 2018, chief financial officer Robert Pasley said on Friday. It has offered to buy back debt from any investors who do not agree to the delay. “In principle, we have an agreement from the bondholders for an extension,” he said. “I have better uses to put my capital to than repaying debt. I would rather keep that cash on my balance sheet and use it for investing in infrastructure and network expansion.” – Bloomberg


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