Cell C set to issue euro bond

CELL C planned to issue euro-denominated notes due in 2018 with a coupon of 8.625 percent, a year after it restructured more senior debt, the cellphone operator said yesterday. The unlisted operator owned by Saudi Oger Telecom did not give details on how much it hoped to raise. The company said it had mandated MedInvestment Bank for the issue that should close before June 30. Last year, Cell C restructured debt worth e160 million (R2.2 billion), including e82.7m from its parent Saudi Oger, but declined to say then why it had done so. Cell C instigated a price war to grab market share from bigger rivals Vodacom and MTN two years ago, but has instead suffered as its own cash flows became tight. – Reuters