Businessman Denis O'Brien has said it may be another 12 to 18 months before he looks again at trying to float his emerging markets-focused telecommunications company, Digicel.
Speaking to reporters on the fringes of the World Economic Forum annual conference in Davos on Wednesday, Mr. O'Brien indicated that he may look, instead, in the near term at opportunities to refinance its debt, after securing a lower interest rate last week on about $1 billion of term loans from its bankers.
The value of Digicel's $2 billion of bonds that fall due for repayment in late 2020 rose this month above the price at which they had been issued for the first time since Mr O'Brien pulled a planned initial public offering (IPO) of the company in October 2015.
According to market observers, the recovery in the value of the bonds, amid rising market demand for high-yield debt and signs of a turnaround at Digicel, have opened up new opportunities for the company to look at refinancing medium-term debt with longer-term borrowings.
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