MTN Group has further reduced debt with an early settlement of $300m in Eurobonds with 2024 maturity date. MTNGroup MTNBusinessZA MTNza
Bouyed by strong performance in the first half of fiscal year 2022, MTN Group has settled $300 million in Eurobonds with a 2024 maturity date.
In the period, the telco accelerated the deleveraging of the balance sheet, boosted by the repatriation of R9.4 billion in cash from operating companies, including R4.5 billion from Nigeria. The offer attracted tenders of more than $482 million, which MTN says, was significantly more than the $250 million originally intended for early settlement.As a result, MTN raised $300 million, which will be settled on Tuesday 6 September 2022.
“This week’s early settlement supports delivery of this commitment as well as of the execution and delivery of our medium-term guidance to maintain the Holdco leverage below 1.5x.”
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