Cell C has finally released a few details about its €240m (R2,2bn) loan agreement with China Development Bank. The money will be used to restructure the company’s debt.
TechCentral reported on 24 August that the mobile operator had secured the loan from the Chinese bank.
The company says the “draw-down” facility will only be available to it after the “satisfaction of certain conditions precedent”. “The company expects to complete these over the next few weeks,” it says, without providing further details about the conditions being applied to the loan.
Cell C says it intends to use amounts borrowed under the facility to refinance a portion of its euro-denominated senior secured notes.
Any refinancing will be made in accordance with the terms of the indentures (governing both tranches of the company’s outstanding notes), and, agreements governing other outstanding indebtedness. — Staff reporter, TechCentral
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