The company’s share price rises 1.52% after the debt-reduction pay back news
MTN, Africa’s largest mobile operator, has paid down R5bn worth of debt as it works to further rein in its borrowings.
Like a number of SA businesses with international operations, MTN has had to deal with trouble around repatriating funds from countries such as Nigeria and Iran, which contributed to difficulty in paying down its large debt bill. As part of its strategy and guidance to investors, MTN has a goal to maintain the holdco leverage below 1.5x.
Molefe said the move brings MTN’s dollar-denominated debt down to 35% of total holdco debt on a pro forma basis for its interim period. MTN’s dollar-denominated debt previously accounted for 42% of the total.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trellidor profit down 99% as shift to 'estate living', rocketing metal prices bite | Fin24Rocketing steel and aluminium prices – along with the growing popularity of security estates, where Trellidor’s traditional safety barriers are less in demand – have hit the group’s latest results. | Fin24
Read more »
MTN cuts dollar debt by settling $300m worth of bonds early | Fin24Africa's largest mobile operator MTN has announced the early settlement of $300 million of its dollar-denominated bonds, part of a strategy to cuts its non-rand debt, which has now fallen to 35% of the group total. | Fin24
Read more »
MTN settles billions in foreign debtMTN Group has settled $300-million in Eurobonds that were due in 2024 early, helping deleverage its balance sheet.
Read more »
MTN cuts debt with early settlement of $300 mln in euro bondsSouth African mobile operator MTN Group has reduced its debt further through early settlement of $300 million in euro bonds with a 2024 maturity date, it said on Monday, as part of efforts to deleverage non-rand debt faster.
Read more »
MTN cuts debt with early settlement of R5.2bn in euro bondsSouth African mobile operator MTNGroup has reduced its debt further through early settlement of R5.2 billion in euro bonds with a 2024 maturity date, it said on Monday, as part of efforts to deleverage non-rand debt faster. Moneyweb BusinessNews
Read more »
Truworths and Primark settle trademark disputeBusinesses settle ‘amicably’ and the Primark name reverts to UK chain
Read more »