Cell C’s largest shareholder, Blue Label Telecoms, disclosed on Thursday that a term sheet to recapitalise the mobile operator has finally been signed after protracted negotiations.
Browsing: Rand Merchant Bank
Remgro said on Monday that it is participating in a the second tranche of a rights offer by CIVH, the parent of fibre telecommunications companies Vumatel and Dark Fibre Africa, aimed at reducing debt.
Cell C is in advanced talks with Rand Merchant Bank and Investec to provide it with about R4-billion rand in fresh capital, according to people familiar with the matter.
South African business confidence has slipped in the first quarter of the year despite easing Covid-19 curbs, a survey showed on Wednesday, highlighting the fragility of the economic recovery.
Vox has secured new debt facilities, lead-arranged by Investec and also involving Standard Bank and Rand Merchant Bank, to allow it to ramp up its deployment of fibre broadband infrastructure.
CIVH, the Remgro-controlled holding company that owns both Vumatel and Dark Fibre Africa, is talking to both local and international investors to raise R6-billion in new funding.
Under the terms of the proposed transaction, existing airtime lenders will provide R4.25-billion in new super-senior debt secured by a significant portion of Cell C’s assets, excluding spectrum, according to sources.
South Africa plans to tap global appetite for green bonds to help fund an infrastructure programme worth as much as R2.3-trillion over the next decade.
Slow reforms and the return of rolling power cuts in South Africa could threaten the recovery of an economy that probably bottomed in the second quarter.
South African business confidence has plunged due to the impact of the coronavirus pandemic, with companies even more pessimistic now than at the height of disinvestment during apartheid.