Digicel extends early sign-up deadline for buy back offer

The Irish Times newspaper is reporting that Digicel has extended the early sign-up deadline for its offer to buy back a tranche of  its bonds.

According to the report, the early sign-up deadline now coincides with the final deadline for the offer, signifying the company's determination to get creditors to sign up for its offer.

Digicel has extended the deadline to just before midnight on December 17 for holders of  notes with a 7 per cent coupon to sign up for the buyback deal.

Under the proposed transaction, Digicel note holders will receive at least between $200 and $240 dollars for each $1,000  they hold of  7 per cent notes.

The final price to creditors will also include a $30 per $1,000 payment for early sign up.

The note buyback is part of  an overall effort by the company to reduce its debt pile, which previously stood at almost US$6 billion .